Tag: Investing

The Markets (as of market close May 30, 2025)

May proved to be one of the best months for stocks in quite some time. During May, equities ebbed and flowed in response to uncertainty over U.S. trade policy and the impact of tariffs. May got off to a good start on the heels of strong corporate earnings data and a solid jobs report. The month brought some progress in the U.S.-China trade war, with an agreement for a 90-day reduction in tariffs while the parties continued talks aimed at a trade resolution. However, at the end of the month, President Trump accused China of breaching their recent trade deal. Middle East investment deals also helped push tech shares higher. The S&P 500 and the NASDAQ had their best months since 2023. Nine of the 11 market sectors ended May with gains, led by information technology, communication services, and consumer discretionary. Health care and energy closed in the red.

The latest inflation data was encouraging, however, it did not reflect the potential impact of global reciprocal tariffs, nor has it reached the Federal Reserve’s 2.0% inflation objective. Both the personal consumption expenditures (PCE) price index and the Consumer Price Index declined over the 12 months ended in April, while core prices (excluding food and energy prices) for both indexes remained steady. In lght of the potential impact of tariffs, it is likely that the Federal Reserve will maintain a cautious approach as it continues to assess the balance of risks to the economy.

Growth of the U.S. economy was muted in March. The gross domestic product (GDP) fell 0.2% in the first quarter following a 2.4% increase in the fourth quarter (see below). The widening of the trade deficit has had a substantial impact on economic growth in the first quarter. However, consumer spending rose 1.8%, the weakest increase since mid-2023. GDP’s annual growth rate slipped 0.4 percentage point to 2.1% for the 12 months ended in March.

Job growth exceeded expectations in April. Wages rose 3.8% over the past 12 months ended in April. The number of job openings fell by 288,000 in March to 7.2 million, which was the lowest total in six months and well below expectations. However, this data does not reflect the layoffs and cuts sanctioned by the Trump administration. The latest unemployment data showed total claims paid through mid-May increased by 121,000 from a year earlier (see below).

According to FactSet, during the first quarter of 2025, the health care sector reported the highest earnings growth of the 11 market sectors. Of the companies of the S&P 500, 68 firms reported negative earnings per share (EPS), above the five-year average of 57. However, 78% of S&P 500 companies exceeded EPS estimates. Overall, the S&P 500 reported earnings growth of 12.9%, the second straight quarter of double-digit growth. Nevertheless, tariffs and their potential impact on international trade have concerned companies. For instance, 381 companies indicated uncertainty with respect to future earnings, well above the five-year average of 224, while 121 companies cited the term “recession” during their earnings calls for the first quarter, which is above the five-year average of 79.

The real estate market had mixed results in April, with sales of existing homes falling, while new home sales rose. Mortgage rates remained elevated. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.81% as of May 15. That’s up from 6.76% one week before but down from 7.02% one year ago. Over the last few months, rates for 30-year fixed mortgages have remained stable and have fluctuated less than 20 basis points over that time.

Industrial production was unchanged in April but rose over the last 12 months. Manufacturing output, utilities, and mining each increased since April 2024. Purchasing managers reported manufacturing was unchanged in April, signaling only a slight increase in activity. Activity in the services sector slowed in April.

Ten-year Treasury yields closed the month higher as traders assessed developments in the trade war and government spending cuts. The two-year note closed May at about 3.9%, down 30 basis points from a month earlier. The dollar index fell for the fifth straight month, its longest losing streak in five years. Gold prices rose in May, marking their fifth straight monthly gain. Crude oil prices increased for the month, although trade tensions and supply concerns pressured prices for much of May. The retail price of regular gasoline was $3.160 per gallon on May 26, $0.027 below the price a month earlier and $0.417 lower than the price a year ago.

Stock Market Indexes

Market/Index	2024 Close	Prior Month	As of 5/30	Monthly Change	YTD Change
DJIA	42,544.22	40,669.36	42,270.07	3.94%	-0.64%
NASDAQ	19,310.79	17,446.34	19,113.77	9.56%	-1.02%
S&P 500	5,881.63	5,569.06	5,911.69	6.15%	0.51%
Russell 2000	2,230.16	1,964.12	2,066.29	5.20%	-7.35%
Global Dow	4,863.01	5,089.85	5,326.27	4.64%	9.53%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.17%	4.40%	23 bps	-17 bps
US Dollar-DXY	108.44	99.69	99.43	-0.26%	-8.31%
Crude Oil-CL=F	$71.76	$58.32	$60.81	4.27%	-15.26%
Gold-GC=F	$2,638.50	$3,303.50	$3,314.60	0.34%	25.62%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark the performance of specific investments.

Latest Economic Reports

• Employment: Job growth exceeded expectations in April, with the addition of 177,000 new jobs. The April total was roughly in line with the average monthly gain of 152,000. Employment was revised down by a combined 58,000 for February and March. In April, the unemployment rate was unchanged at 4.2%. The number of unemployed persons changed little at 7.2 million in April. The number of long-term unemployed (those jobless for 27 weeks or more) rose by 179,000 to 1.7 million. These individuals accounted for 23.5% of all unemployed persons. The labor force participation rate in April was 62.6%, up 0.1 percentage point from the previous month. The employment-population ratio also increased 0.1 percentage point to 60.0%. Average hourly earnings increased by $0.06, or 0.2%, to $36.06 in April. Over the last 12 months, average hourly earnings rose by 3.8%. The average workweek was unchanged at 34.3 hours.
• There were 240,000 initial claims for unemployment insurance for the week ended May 24, 2025. During the same period, the total number of workers receiving unemployment insurance was 1,919,000. A year ago, there were 221,000 initial claims, while the total number of workers receiving unemployment insurance was 1,798,000.
• FOMC/interest rates: As expected, the Federal Open Market Committee held the federal funds target rate range at 4.25%-4.50% following its meeting in May. While the Committee indicated that current economic activity remained at a solid pace, the FOMC highlighted increased uncertainty about the economic outlook and noted increased risks to both sides of its dual mandate of maximum employment and inflation at the rate of 2.0%.
• GDP/budget: The economy, as measured by gross domestic product, decelerated at an annualized rate of 0.2% in the first quarter of 2025 following an increase of 2.4% in the fourth quarter of 2024. Compared to the fourth quarter, the decrease in GDP in the first quarter primarily reflected an increase in imports, which are a subtraction in the calculation of GDP, a decrease in government spending, and a deceleration in consumer spending. These movements were partly offset by increases in investment and exports. Consumer spending, as measured by the personal consumption expenditures index, rose 1.2% in the first quarter, compared to a 4.0% rise in the fourth quarter. Spending on services rose 1.7% in the first quarter, compared with a 3.0% increase in the fourth quarter. Consumer spending on goods ticked up 0.1% in the first quarter (6.2% in the fourth quarter). Fixed investment increased 7.8% in the first quarter after decreasing 1.1% in the fourth quarter. Nonresidential (business) fixed investment rose 10.3% in the first quarter after falling 3.0% in the previous quarter. Residential fixed investment decreased 0.6% in the first quarter following a 5.5% increase in the fourth quarter. Exports advanced 2.4% in the first quarter, compared with a 0.2% decline in the previous quarter. Imports vaulted 42.6% in the first quarter after ticking down 1.9% in the fourth quarter.
• April saw the federal budget register a surplus of $258.4 billion, slightly ahead of expectations and well above the surplus of $209.5 billion in April 2024. April receipts were $850.2 billion versus $776.2 billion a year ago. April outlays were $591.8 billion versus $566.7 billion a year ago. The deficit for the first seven months of fiscal year 2025, at $1,049 billion, is well above the $855.2 billion deficit over the first seven months of the previous fiscal year. Through the first seven months of fiscal year 2025, individual income tax receipts added up to $1,681 billion, while outlays for Social Security totaled $907.0 billion.
• Inflation/consumer spending: According to the latest Personal Income and Outlays report, personal income and disposable personal income each rose 0.8% in April after both increased 0.7% in March. Consumer spending increased 0.2% in April after increasing 0.7% the previous month. In April, the PCE price index and the PCE price index less food and energy (core prices) each ticked up 0.1% for the month. The PCE price index rose 2.1% since April 2024, while core prices increased 2.5% over the same period. In April, prices for both goods and services inched up 0.1%. Food prices decreased 0.3%, while energy prices rose 0.5%.
• The Consumer Price Index rose 0.2% in April after declining 0.1% in March. Over the 12 months ended in April, the CPI rose 2.3%, 0.1 percentage point below the rate for the 12 months ended in March. Core prices (excluding food and energy) inched up 0.2% last month and 2.8% since April 2024. Prices for shelter rose 0.3% in April, accounting for more than half of the total CPI monthly increase. Food prices decreased 0.1% last month after rising 0.4% in March. Energy prices rose 0.7% in April, despite a 0.1% decline in gasoline prices. Over the last 12 months ended in April, food prices increased 2.8%, energy prices declined 3.7%, and shelter prices rose 4.0%.
• Prices at the wholesale level declined 0.5% in April following a revised flat reading in March, according to the Producer Price Index. Producer prices increased 2.4% for the 12 months ended in April after rising 2.7% for the 12-month period ended in March. Excluding food and energy, producer prices fell 0.4% in April but increased 3.1% for the year. In April, prices for goods were unchanged from the previous month but rose 0.5% since April 2024. Last month saw prices for services fall 0.7% after a revised 0.4% increase in March. Prices for services have risen 3.3% for the 12 months ended in April, a decrease of 0.3 percentage point from the increase over the 12 months ended in March.
• Housing: Sales of existing homes decreased 0.5% in April and were 2.0% under the April 2024 figure. The median existing-home price was $414,000 in April, above the March estimate of $403,100 and 1.8% higher than the year-earlier price of $406,600. Unsold inventory of existing homes in April represented a 4.4-month supply at the current sales pace, marginally longer than the March supply of 4.0 months and well above the 3.5-month supply from a year ago. Sales of existing single-family homes fell 0.3% in April and were 1.4% below the estimate from a year earlier. The median existing single-family home price was $418,000 in April ($407,300 in March), and 1.7% above the April 2024 estimate of $411,100.
• New single-family home sales rose 10.9% in April and were 3.3% above the April 2024 figure. The median sales price of new single-family houses sold in April was $407,200 ($403,700 in March), down from the April 2024 estimate of $415,300. The April average sales price was $518,400 ($499,700 in March), up from the April 2024 average sales price of $500,600. Inventory of new single-family homes for sale in April represented a supply of 8.1 months at the current sales pace, down from the March estimate of 9.1 months but above the 7.7-month supply from a year earlier.
• Manufacturing: Industrial production was unchanged in April following a 0.3% decline in March. Manufacturing output decreased 0.4% last month after climbing 0.4% in March. In April, mining decreased 0.3%, while utilities rose 3.3%. Over the 12 months ended in April, total industrial production was 1.5% above its year-earlier reading. Since April 2024, manufacturing increased 1.2%, utilities rose 4.3%, while mining increased 0.7%.
• New orders for durable goods fell 6.3% in April following four consecutive monthly increases. Excluding transportation, new orders increased 0.2%. Excluding defense, new orders decreased 7.5%. Transportation equipment, also down following four consecutive monthly increases, drove the April decline after decreasing 17.1%. For the 12 months ended in April, durable goods orders advanced 4.2%.
• Imports and exports: Import prices increased 0.1% in April following a 0.4% increase in March. Prices for imports increased 0.1% from April 2024 to April 2025. Import fuel prices decreased 2.6% in April and 12.0% over the past 12 months, which was the largest 12-month decline since the year ended October 2024. Export prices rose 0.1% in April for the second consecutive month. Export prices have not declined on a one-month basis since September 2024. Export prices advanced 2.0% for the 12 months ended in April 2025.
• The international trade in goods deficit in April was $87.6 billion, 46.0% less than the March estimate. Exports of goods for April were 3.4% above March exports. Imports of goods for April were 19.8% less than March imports. Over the 12 months ended in April, exports rose 9.6%, while imports increased 2.6%.
• The latest information on international trade in goods and services, released May 6, saw the goods and services deficit rise 14.0% in March to $140.5 billion. Exports of goods increased 2.0% to $278.5 billion in March. Imports of goods advanced 4.4% to $419.0 billion. For the 12 months ended in March 2025, the goods and services deficit increased $189.6 billion, or 92.6%, from the same period in 2024. Exports increased $41.1 billion, or 5.2%. Imports increased $230.7 billion, or 23.3%.
• International markets: Investors spent the month of May digesting plenty of economic data, particularly with respect to the impact of tariffs on international trade. German retail sales declined for the first time in four months after falling 1.1% in April. However, the German Consumer Price Index held steady at 2.1% in May. Despite the imposition of tariffs, inflation eased in Italy, Spain, and France, boosting expectations of an interest rate cut by the European Central Bank when it meets in early June. China’s first-quarter 2025 GDP grew 1.2%, down from a 1.6% increase in the fourth quarter. In addition, China’s consumer prices fell for the third straight month in April and were down 0.1% from April 2024. In May, the STOXX Europe 600 Index rose 2.3%; the United Kingdom’s FTSE gained 2.1%; Japan’s Nikkei 225 Index gained 3.1%; and China’s Shanghai Composite Index ticked up 2.1%.
• Consumer confidence: The Conference Board Consumer Confidence Index® rose by 12.3 points in May to 98.0. The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, increased 4.8 points to 135.9. The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, jumped 17.4 points to 72.8 but remained below the threshold of 80 that usually signals a recession ahead.

Eye on the Month Ahead

Most of the attention during June will be focused on President Trump’s tax and immigration legislation, as well as the impact of tariffs on worldwide trade.

The Markets (as of market close May 9, 2025)

Stocks closed mostly lower last week as investors looked ahead to trade negotiations between the United States and China over the weekend. Despite the announcement of a trade deal between the United States and the United Kingdom, investors remained unsure of the extent of that deal and, more particularly, whether any meaningful progress would be made with China. As has been the case over the last several weeks, the stock market was marked by volatility. Stocks began last week closing lower as President Trump threatened new tariffs, including a levy on foreign films. Crude oil prices dropped to their lowest level since the beginning of 2021 as OPEC+ agreed to increase production, raising fears of a global supply surplus. Wall Street saw a minimal reversal last Wednesday after the Federal Reserve decided to keep interest rates at their present level (see below). Thereafter, stocks moved up and down for the remainder of the week. Among the market sectors, consumer discretionary, industrials, and financials performed well, while health care, consumer staples, and communications services underperformed.

Stock Market Indexes

Market/Index	2024 Close	Prior Week	As of 5/9	Weekly Change	YTD Change
DJIA	42,544.22	41,317.43	41,249.38	-0.16%	-3.04%
NASDAQ	19,310.79	17,977.73	17,928.92	-0.27%	-7.16%
S&P 500	5,881.63	5,686.67	5,659.91	-0.47%	-3.77%
Russell 2000	2,230.16	2,020.74	2,023.07	0.12%	-9.29%
Global Dow	4,863.01	5,161.52	5,160.83	-0.01%	6.12%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.32%	4.37%	5 bps	-20 bps
US Dollar-DXY	108.44	100.03	100.39	0.36%	-7.42%
Crude Oil-CL=F	$71.76	$58.54	$61.00	4.20%	-14.99%
Gold-GC=F	$2,638.50	$3,247.90	$3,333.40	2.63%	26.34%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• As expected, the Federal Open Market Committee left the federal funds rate at its current range of 4.25%-4.50% following its meeting last week. While noting that economic activity has expanded at a solid pace and the unemployment rate has stabilized, the Committee warned that the risks of higher unemployment and higher inflation have risen. Furthermore, the FOMC statement indicated that uncertainty about the economic outlook has increased further. The Committee next meets in mid-June. Fed Chair Jerome Powell spoke after the meeting and ultimately suggested that the best course of action for the Committee is to wait for further clarity relative to the impact of the tariff policy on the economy and inflation.
• Growth in the services sector in April was the slowest in nearly a year and a half, according to the latest purchasing managers survey from S&P Global. Uncertainty over U.S. trade policies, especially regarding tariffs, was reported to have limited demand and weighed on business expectations, which slumped to the lowest level in two and a half years. Survey respondents indicated that tariffs have driven operating expenses higher through a rise in supplier charges, which caused service providers to increase their selling prices.
• According to the latest report from the Bureau of Economic Analysis, the goods and services deficit was $140.5 billion in March, an increase of 14.0% from the February estimate. Exports rose 0.2% to $278.5 billion, while imports advanced 4.4% to $419.0 billion. Year to date, the goods and services deficit increased $189.6 billion, or 92.6%, from the same period in 2024. Exports increased $41.1 billion, or 5.2%. Imports increased $230.7 billion, or 23.3%.
• The national average retail price for regular gasoline was $3.147 per gallon on May 5, $0.014 per gallon above the prior week’s price but $0.496 per gallon less than a year ago. Also, as of May 5, the East Coast price ticked up $0.011 to $2.998 per gallon; the Midwest price increased $0.035 to $3.027 per gallon; the Gulf Coast price rose $0.036 to $2.722 per gallon; the Rocky Mountain price decreased $0.016 to $3.118 per gallon; and the West Coast price declined $0.036 to $4.156 per gallon.
• For the week ended May 3, there were 228,000 new claims for unemployment insurance, a decrease of 13,000 from the previous week’s level. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended April 26 was 1.2%, a decrease of 0.1 percentage point from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended April 26 was 1,879,000, a decrease of 29,000 from the previous week’s level, which was revised down by 8,000. States and territories with the highest insured unemployment rates for the week ended April 19 were New Jersey (2.5%), Rhode Island (2.5%), California (2.3%), Washington (2.1%), District of Columbia (1.8%), Illinois (1.8%), Massachusetts (1.8%), New York (1.8%), Puerto Rico (1.8%), Minnesota (1.7%), and Nevada (1.7%). The largest increases in initial claims for unemployment insurance for the week ended April 26 were in New York (+15,418), Massachusetts (+3,301), Georgia (+1,207), Puerto Rico (+1,012), and Nebraska (+570), while the largest decreases were in Connecticut (-2,340), Rhode Island (-1,850), Missouri (-1,696), Michigan (-1,436), and Washington (-700).

Eye on the Week Ahead

Inflation data for April is available this week, with the releases of several important reports. Both the Consumer Price Index and the Producer Price Index are out this week. In March, the CPI fell 0.1%, while the PPI dropped 0.4%. It will be interesting to see if tariffs have any impact on those readings for April.

The Markets (as of market close April 4, 2025)

Wall Street endured its worst week since the Covid crisis as investors shunned risk in response to inflation and recession fears following President Trump’s sweeping tariffs and China’s immediate retaliatory response. Despite a better-than-expected jobs report, comments made last Friday by Federal Reserve Chair Jerome Powell who indicated that the economy was in a good place, but the current economic policy raised the risk of higher unemployment and inflation. The downturn in equities was spread among most of the market sectors with the exception of utilities. Consumer discretionary, industrials, communication services, financials, and energy were hit the hardest. Stocks began last week by moving higher on both Monday, Tuesday, and Wednesday, ahead of President Trump’s tariff announcement. However, the fallout from the more aggressive-than-expected tariff plan was significant last Thursday and Friday. Bond prices rose higher with increased demand, dragging yields on 10-year Treasuries to a nearly six-month low. Crude oil prices dropped to their lowest value since August 2021 as mounting fears over a global economic slowdown raised the prospects of weakening oil demand.

Stock Market Indexes

Market/Index	2024 Close	Prior Week	As of 4/4	Weekly Change	YTD Change
DJIA	42,544.22	41,583.90	38,314.86	-7.86%	-9.94%
NASDAQ	19,310.79	17,322.99	15,587.79	-10.02%	-19.28%
S&P 500	5,881.63	5,580.94	5,074.08	-9.08%	-13.73%
Russell 2000	2,230.16	2,023.27	1,827.03	-9.70%	-18.08%
Global Dow	4,863.01	5,135.73	4,685.08	-8.77%	-3.66%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.25%	3.98%	-27 bps	-59 bps
US Dollar-DXY	108.44	103.96	103.12	-0.81%	-4.91%
Crude Oil-CL=F	$71.76	$69.14	$62.59	-9.47%	-12.78%
Gold-GC=F	$2,638.50	$3,116.50	$3,058.70	-1.85%	15.93%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• March saw employment rise by a better-than-expected 228,000. February’s total was revised down from 151,000 to 117,000, and the January total was lowered by 14,000. With these revisions, employment for January and February combined was 48,000 lower than previously reported. Last month, the total number of employed was 164.0 million, an increase of 201,000 over the February total. In March, the total number of unemployed, at 7.1 million, was virtually unchanged from the prior month. The unemployment rate ticked up 0.1 percentage point to 4.2% in March. The unemployment rate has remained in a narrow range of 4.0% to 4.2% since May 2024. In March, the labor force participation rate ticked up 0.1 percentage point to 62.5%, while the employment-population ratio, at 59.9%, was unchanged from the prior month. The number of long-term unemployed (those jobless for 27 weeks or more), at 1.5 million, changed little in March. The long-term unemployed accounted for 21.3% of all unemployed people. In March, average hourly earnings rose by $0.09, or 0.3%, to $36.00. Over the past 12 months, average hourly earnings have increased by 3.8%. In March, the average workweek was unchanged at 34.2 hours.
• The manufacturing sector retreated somewhat in March after a strong finish in February. The reduction in factory output was due, in part, to a slowdown in new orders. New hires stalled after four straight months of gains. The drop in production was the first since December 2024. Cost pressures intensified, largely due to the impact of tariffs, with input price inflation rising to its highest level in over two years.
• Business in the services sector expanded in March, despite operating expenses increasing at an 18-month high. New business rose on the heels of increased customer demand.
• The number of job openings ticked down in February, according to the latest Job Openings and Labor Turnover Summary. At 7.6 million, job openings fell by 194,000 in February from January, while the number of hires was little changed at 5.4 million. The number of total separations, at 5.3 million, was also little changed from the prior month.
• The latest data on the international trade deficit was released on March 6 and was for January. At that time, the international trade in goods and services deficit was $131.4 billion, 34.0% above the December estimate and 96.5% higher than the January 2024 deficit. In January, exports were $3.3 billion, or 1.2% above the December figure. Imports were $36.6 billion, or 10.0% higher than December imports. Since January 2024, exports increased 4.1% and imports advanced 23.1%.
• The national average retail price for regular gasoline was $3.162 per gallon on March 31, $0.047 per gallon above the prior week’s price but $0.355 per gallon less than a year ago. Also, as of March 31, the East Coast price ticked up $0.031 to $2.992 per gallon; the Midwest price increased $0.054 to $3.074 per gallon; the Gulf Coast price dipped $0.010 to $2.730 per gallon; the Rocky Mountain price increased $0.068 to $3.111 per gallon; and the West Coast price rose $0.126 to $4.181 per gallon.
• For the week ended March 29, there were 219,000 new claims for unemployment insurance, a decrease of 6,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended March 22 was 1.3%, an increase of 0.1 percentage point from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended March 22 was 1,903,000, an increase of 56,000 from the previous week’s level, which was revised down by 9,000. This is the highest level for insured unemployment since November 13, 2021, when it was 1,970,000. States and territories with the highest insured unemployment rates for the week ended March 15 were Rhode Island (2.8%), New Jersey (2.7%), California (2.4%), Minnesota (2.4%), Massachusetts (2.3%), Washington (2.3%), Illinois (2.2%), District of Columbia (2.0%), Montana (1.9%), and New York (1.9%). The largest increases in initial claims for unemployment insurance for the week ended March 22 were in Kentucky (+915), Oregon (+577), New York (+544), Tennessee (+429), and Missouri (+392), while the largest decreases were in Michigan (-4,040), California (-1,826), Texas (-1,774), Mississippi (-1,764), and Pennsylvania (-565).

Eye on the Week Ahead

March inflation data is available this week with the release of the Consumer Price Index. February saw consumer prices tick up 0.2% for the month and 2.8% over the last 12 months.