According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on May 12, 2023, the number of new jobless claims rose by 22,000 to 264,000 during the week ending May 6. Continuing claims increased/fell by 12,000 to 1.81 million, and the insured unemployment rate for the week ending April 29 was up/down/unchanged at 1.2%.
Consumer prices increased (by 0.4%) in April and were up 4.9% from a year ago. Excluding the volatile food and energy components, core consumer prices were up 5.5% Y/Y. Both annual measures were their lowest since the latter part of 2021. Housing costs were the largest contributor to the monthly increase in the index for all items less food and energy.
Headline producer prices increased slightly (by 0.2%) in April, driven by a rise in the index for final demand services. Core prices (prices less food, energy and trade services) also increased 0.2% in April, the largest increase since last November. Headline producer prices were up 2.3% Y/Y, the slowest pace in more than two years. For the 12 months ending in April, prices for processed goods for intermediate demand decreased 3.2%, the largest 12-month decline since falling 3.7% in July 2020. Following three months of declines, headline import prices were higher in April, up 0.4%, with higher prices for fuel imports offsetting flat growth in nonfuel exports. Export prices were also higher by 0.2%, with gains in prices for both agricultural and non-agricultural exports. Import prices were off 4.8% Y/Y while export prices were off 5.9% Y/Y.
Wholesale sales declined 2.1% in March, following a 0.4% increase in February. Out of all categories, only furniture and drugs showed growth. Wholesale inventories increased by 0.1%, following a 0.6% decrease in February. Sales were down 2.9% Y/Y, while inventories were up 9.1% Y/Y. The inventories-to-sales ratio ticked up slightly to 1.40 compared to February and up from 1.25 in March 2022. Among the categories with the most significant monthly increase in the inventories-to-sales ratio were automotive, machinery, farm products, and alcohol.
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American Chemistry Council
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