Global Macro Perspectives
Initial jobless claims were reported at 472.000. The consensus was at 450.000, last week revised reading was at 456.000. If we combine this with recent bleak readings for leading unemployment indicators, it looks real bad. Chart 1. U.S. Initial Jobless Claims
U.S. consumer price index fell 0.2 percent in May, right at the consensus. April reading was at -0.1%. Consumer price index fell less food & energy came out at consensus of 0.1%. Prior reading was no change for April. Again, no inflation in sight. Chart 1. Consumer Price Index
Crude oil stocks rose 1.7 million barrels for week ending June 11; Gasoline stocks fell 0.6 million barrels; Distillate stocks increased 1.8 million barrels; Propane/propylene stocks rose 2.2 million barrels; Total crude oil and petroleum stocks were 4.4 million barrels higher than the week before. Refinery utilization fell from 89.1% to 87.9%. Implied demand fell […]