Macroeconomic data took a back seat to earnings and tariff tweets in what was a pretty quiet week of data.  There were only 25 releases on the radar with most missing estimates or coming in below the prior period.  With no releases on Monday, the JOLTS report kicked things off on Tuesday showing 7.488 million job openings in March versus expectations of 7.350 mln.  Consumer Credit data for March also came out Tuesday coming in below both the consensus forecast and February’s print.  Weekly mortgage applications were stronger this week rising 2.7% while DOE petroleum data showed a draw on crude inventories, though, gasoline and distillates both fell less than expected. Producer inflation data came out on Thursday, coming in unchanged versus March. Headline PPI was expected to grow 2.4% in April rather than the 2.2% reading we got. CPI data was released later in the week with similar results.

Things will be pretty quiet again next week, with one fewer data release than this week.  Once again, nothing is scheduled to come out on Monday, but Tuesday will see NFIB’s small business optimism and Import and Export Price indices.  Wednesday will be the busiest day of the week by far with Retail Sales out in the morning, followed up by Industrial Production, NAHB Homebuilder Sentiment, and TIC Flows.  Other than Industrial Production and Homebuilder sentiment, lower readings are expected across the board.  Housing Starts and Building Permits for April are scheduled to come out Thursday morning in addition to the Philly Fed’s Business Outlook Index for May.  Each of these releases is expected to show improvements from the previous month.  Finally, we will round out the week with the Leading Index and University of Michigan Sentiment on Friday.  Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.

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