Rover's Weekly Market Brief - 08/16/2024

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Economy

The Labor Department reported that the producer price index for final demand, which measures the prices that producers pay for goods and services, increased by a seasonally adjusted (+0.1%) in July, following (+0.2%) reading in June. The index for final demand goods increased (+0.6%), the largest advance since February ’24. Nearly 60 percent of the increase was attributed to a (+1.9%) rise in final demand energy. The index for final demand services decreased (-0.2%) with most of the decline attributable to a (-1.3%) drop in margins for final demand trade services. Excluding food, energy and trade services, the core PPI increased (+0.3%), following an upwardly revised (+0.1%) in June. Year over year the headline PPI increased (+ 2.2%), a significant improvement from the (+2.7%) recorded in June. Core PPI inflation moved up (+3.3%) year over year from an upwardly revised (+3.2%) the previous month.

The Labor Department reported the consumer price index increased (+0.2%) this followed a (-0.1%) decline in June. The all items index has increased (+2.9%) over the last 12 months, the lowest reading since March 2021. Nearly 90% of the monthly increase in the all items index was attributed to the shelter index which increased (+0.4%) in July after increasing (+0.2%). The energy index reported flat after two consecutive months of decline. The food index increased (+0.2%), while the food away from home index rose (+0.1%). Core CPI inflation which excludes food and energy increased (+0.2%) in July, after rising (+0.1%) in June. The annual rate of core CPI inflation increased (+3.2%) as compared to (+3.3%) the previous month, this was the smallest 12-month increase since April 2021. Indexes with significant increases over the last year include motor vehicle insurance (+18.6%), shelter (+5.1%), medical care (+3.2%), personal care (+3.4%), and recreation (+1.4%).

The Commerce Department reported advance U.S. retail and food services sales increased to $709.7 billion in July, a (+1.0%) jump, this follows a revised decrease of (-0.2%) instead of (0.0%) for June. Retail sales were up (+2.7%) year over year. Total sales for May 2024 through July 2024 were up (+2.4%) year over year. Retail sales are mostly goods and are not adjusted for inflation. Excluding sales at auto dealerships and gas stations, sales were up (+0.4%). Sales for auto dealers and parts increased (+3.6%), while miscellaneous retailers saw a (-2.5%) drop. Auto dealers (+4.0%) led the way in sales increase. Restaurants, the only services category increased (+0.3%). Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services rose (+0.3%) in July and follows a (+0.9%) reading the previous month.

Upcoming Economic Reports:

Thursday August 22 – Initial Jobless Claims

Friday August 23 – New Home Sales (July)

Earnings Calendar:

 

Monday	Tuesday	Wednesday	Thursday	Friday
Estee Lauder Cos (EL)	Lowe’s Companies (LOW)	Analog Devices (ADI)	Dollar Tree (DLTR)	Bank of Comms Co (BCMXY)
Palo Alto Networks (PANW)	Medtronic (MDT)	TJX Companies (TJX)	Intuit (INTU)	Ubiquiti (UI)