PPI declined by 0.6% in February after going up by 1.4% in January. The median forecast for this index was -0.2%.

Crude oil inventories increased by 1.0 million barrels during last week, following 1.4 million barrels gain a week earlier. Total motor gasoline inventories went down by 1.7 million barrel, following 2.9 million barrel drop during a previous week. The growth of oil inventories with the falling gasoline inventories signify the low capacity utilization at the U.S. refinery plants.
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Housing starts declined from 611k to 575k in February (annual, seasonally-adjusted rate). Building permits decreased from 622k to 612k during the same month. Both real estate indicators were expected to go down slightly more.

U.S. import prices went down by 0.3% in February, following a 1.3% growth a month earlier. Excluding oil, import prices rose by 0.2%. A decline by 0.2% was expected by the analysts. U.S. export prices by 0.5%, following a 0.7% growth in January. Excluding agricultural, export prices decreased by 0.2%.

FOMC has released it’s interest rate decision today, keeping the rates at the previous level (0–0.25%) and stating that last special liquidity program will close on June 30. The some a continued moderate improvement in the economic conditions with the real estate market lagging behind because of the higher unemployment rate:

Household spending is expanding at a moderate rate but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly. However, investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.

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NY Empire State manufacturing index declined from 24.9 to 22.9 in March, signaling a slightly slower rate of improvement in the sector. The forecast was at 22.0 for this index.

Net foreign purchases of the long-term U.S. securities was at $19.1 billion in January, below $63.3 billion reported for December and below the forecast value of $47.5 billion.

Industrial production rose by 0.1% in February, which was better than the 0% forecast, but worse than 0.9% change in January. Capacity utilization rose from 72.5% to 72.7% but is still 7.9% below the average level of the years 1979–2009. The forecast by the economic analysts was for no change in February.
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Retail sales were 0.3% up in February compared with the previous month. This increase followed 0.1% gain in January and was much better than -0.2% forecast.

The University of Michigan released its preliminary consumer sentiment index for March. It fell from 73.6 to 72.5, whereas a growth to 74 was expected by the currency traders.

Business inventories stagnated in January, following 0.3% drop in December. The forecast by the analysts point at 0.2% change.
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Trade balance deficit decreased from $39.9 billion to $37.3 billion, as the imports fell faster than the exports. Markets expected a worsening of the deficit to $41 billion.

Initial jobless claims decreased from 468k (revised positively from 469k) to 462k in the last week. The expected decline was to 460k claims.

Other three important macroeconomic reports were released in U.S. yesterday:

Crude oil inventories rose by 1.7 million barrels during the previous week, while the total motor gasoline inventories decreased by 2.9 million barrels. Whereas a week earlier they both rose by 4.0 and 0.8 million barrels respectively.

U.S. treasury budget deficit soared to $220.9 billion in February — worse than $193.9 billion deficit during the same month a year ago. The forecasted value was at $222.0 billion, which was quite close.

Wholesale inventories declined by by 0.2% in January, following 1% drop in December 2009. The market participants expected a rise by 0.2% for this indicator.
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