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The DC Today - Wednesday, January 18, 2023
Dow: -614 points (-1.81%)
S&P: -1.56%
Nasdaq: -1.24%
10-Year Treasury Yield: 3.37% (-16 basis points)
Top-performing sector: Communication Services (-0.93%)
Bottom-performing sector: Consumer Staples (-2.65%)
WTI Crude Oil: $79.25/barrel (-1.16%)
Key Economic Points of the Day:
The Producer Price Index (PPI) saw outright (and rather significant) DEFLATION in December, with prices dropping on the month -0.5%, well more than the -0.1% expected. November’s number was adjusted downwards by -0.2% as well. The 7.4% year-over-year number came down to 6.2%. The CORE number is down to 5.5%. Wholesale gas prices dropping -13.4% helped the cause, as did the food index’s -1.2% decline. Energy/gas prices have helped downward pressure in recent months, and that could/likely will reverse in months ahead even as other inflationary data see more downward pressure. I expect the core vs. headline reads to potentially diverge significantly in the months ahead.
Industrial Production fell -0.7% in December and was actually down -1% when you factor in downward revisions from past months. Manufacturing led the way down. This was the largest monthly decline in more than a year. On an annualized basis, Industrial Production is down -5.2% in the last three months.
Microsoft joined the fray of huge tech companies performing massive layoffs as they announced plans to lay off 10,000 employees (5% of their workforce)
Retail sales fell -1.1% in December, mostly in line with the level of disinflation of gasoline prices we saw last month.
Links mentioned in this episode:
TheDCToday.com
DividendCafe.com
TheBahnsenGroup.com
View all episodes
By The Bahnsen Group
4.9
549549 ratings
Dow: -614 points (-1.81%)
S&P: -1.56%
Nasdaq: -1.24%
10-Year Treasury Yield: 3.37% (-16 basis points)
Top-performing sector: Communication Services (-0.93%)
Bottom-performing sector: Consumer Staples (-2.65%)
WTI Crude Oil: $79.25/barrel (-1.16%)
Key Economic Points of the Day:
The Producer Price Index (PPI) saw outright (and rather significant) DEFLATION in December, with prices dropping on the month -0.5%, well more than the -0.1% expected. November’s number was adjusted downwards by -0.2% as well. The 7.4% year-over-year number came down to 6.2%. The CORE number is down to 5.5%. Wholesale gas prices dropping -13.4% helped the cause, as did the food index’s -1.2% decline. Energy/gas prices have helped downward pressure in recent months, and that could/likely will reverse in months ahead even as other inflationary data see more downward pressure. I expect the core vs. headline reads to potentially diverge significantly in the months ahead.
Industrial Production fell -0.7% in December and was actually down -1% when you factor in downward revisions from past months. Manufacturing led the way down. This was the largest monthly decline in more than a year. On an annualized basis, Industrial Production is down -5.2% in the last three months.
Microsoft joined the fray of huge tech companies performing massive layoffs as they announced plans to lay off 10,000 employees (5% of their workforce)
Retail sales fell -1.1% in December, mostly in line with the level of disinflation of gasoline prices we saw last month.
Links mentioned in this episode:
TheDCToday.com
DividendCafe.com
TheBahnsenGroup.com
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