The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3 percent in April, following a 0.4 percent increase in March, as reported by the U.S. Bureau of Labor Statistics. Over the past 12 months, the all items index increased by 3.4 percent before seasonal adjustment.
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U.S. Economic Indicators: Key Data Released in the Week of March 11, 2024 - March 17, 2024
The U.S. Census Bureau unveiled a series of important economic reports in the week of March 11, 2024, to March 17, 2024, providing a snapshot of the manufacturing and trade inventories and sales, retail and food services sales, quarterly services estimates, and business formation statistics. These data sets reveal insights into the health and direction of the U.S. economy, showcasing trends in consumer behavior, business development, and sector-specific performances.
Manufacturing and Trade Inventories and Sales in January 2024
The report dated March 14, 2024, highlighted a decrease in the combined value of distributive trade sales and manufacturers' shipments for January 2024 to $1,833.3 billion, a 1.3% drop from December 2023 and a 1.2% decrease from January 2023. Meanwhile, manufacturers’ and trade inventories remained relatively stable at $2,555.0 billion, indicating a modest increase of 0.4% from January 2023.
Retail and Food Services Sales: February 2024 Insights
February 2024 saw a positive shift in U.S. retail and food services sales, with a seasonally adjusted increase to $700.7 billion, up by 0.6% from the prior month and by 1.5% from February 2023. This growth suggests continued consumer engagement, particularly in nonstore retail and food services sectors, which experienced notable annual gains.
Quarterly Services Report: Fourth Quarter 2023 Highlights
The services sector's revenue reached $5,398.9 billion in the fourth quarter of 2023, up 1.9% from the third quarter, signifying healthy sector growth. However, the utilities sector faced challenges, with a revenue decrease of 5.3% from the fourth quarter of 2022, underlining sector-specific volatility.
Business Formation Statistics for February 2024
A slight decrease in business applications was observed in February 2024, with a 2.7% reduction from January 2024. Additionally, projected business formations within the next four quarters showed a decline, indicating a cautious approach towards new business creation amidst economic uncertainties.
Conclusion
The economic indicators released by the U.S. Census Bureau during the week of March 11-17, 2024, offer a mixed view of the U.S. economy, with signs of both resilience and caution across different sectors. These reports are invaluable for stakeholders looking to navigate the complexities of the economic landscape, with upcoming revisions poised to offer even deeper insights into these trends.
(Source:Census Bureau Economic)
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