February 14, 2020 Headlines

U.S. equity futures dipped after investors digested sluggish retail sales data in January (climbing 0.3%) and December figures were revised downward. Additionally, U.S. factor output fell MoM, as Boeing production halts continue to weigh on overall manufacturing and the broader economy. Manufacturing output declined 0.1% in January, but that figure can be misleading. Factory output excluding aircraft and parts actually rose 0.3%, suggesting relative stability across other manufacturing sectors. To that end, it is expected the spread of coronavirus will have some disruption on supply chains and demand globally in the coming months, potentially weighing on U.S. manufacturing. Although, as coronavirus continues to weigh on market sentiment, following the recent revision in documented cases, major equity indices are heading towards their 2nd successive week of gains.

Michael Oravetz
Director, Investment Management Group

2/14/2020Import Price Index MoM-0.20%0.00%0.30%0.20%
2/14/2020Import Price Index ex Petroleum MoM-0.10%0.20%0.20%
2/14/2020Import Price Index YoY0.20%0.30%0.50%
2/14/2020Export Price Index MoM-0.10%0.70%-0.20%
2/14/2020Export Price Index YoY-0.20%0.50%-0.70%-0.90%
2/14/2020Retail Sales Advance MoM0.30%0.30%0.30%0.20%
2/14/2020Retail Sales Ex Auto MoM0.30%0.30%0.70%0.60%
2/14/2020Retail Sales Ex Auto and Gas0.30%0.40%0.50%
2/14/2020Retail Sales Control Group0.30%0.00%0.50%0.20%
2/14/2020Industrial Production MoM-0.20%-0.30%
2/14/2020Capacity Utilization76.80%77.00%
2/14/2020Manufacturing (SIC) Production-0.10%0.20%
2/14/2020Bloomberg Feb. United States Economic Survey
2/14/2020Business Inventories0.10%-0.20%
2/14/2020U. of Mich. Sentiment99.599.8
2/14/2020U. of Mich. Current Conditions114114.4
2/14/2020U. of Mich. Expectations9090.5
2/14/2020U. of Mich. 1 Yr Inflation2.40%2.50%
2/14/2020U. of Mich. 5-10 Yr Inflation2.50%
2/14/2020Revisions — Producer Price Index




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