The Day at a Glance | April 13 2023

*In the US, producer inflation logged its lowest reading since the start of the pandemic. 

*Industrial production in the Eurozone accelerated its pace of expansion in February. 

*China`s trade balance concluded March with a surplus of $88.19 billion, widely exceeding the estimated $40 billion and the previous figure of $16.8 billion. In addition, exports rebounded to an 8-month high with an annual 14.8% figure. However, imports returned to negative territory with an annual -1.4% contraction. 

*New claims for unemployment insurance in the US increased to 239,000 in the week ending April 8th, bringing its 4-weel average to 240,000 claims, suggesting a softening in the US labor market. 

Economic environment

Producer inflation in the US dropped to its lowest level in three years. On a monthly basis, it logged a -0.5% contraction – the smallest variation since April 2020 – and was accompanied by a decline in the underlying component (-0.1% m/m). With this, general inflation set at 2.74% annual, the lowest figure since January 2021; and core inflation set at 3.4%. 

Industrial production in the Eurozone increased 1.5% monthly in February (vs 0.7% prev.). The production of capital goods increased 2.2% monthly; non-durable goods hiked 1.9% monthly; energy products rose 1.1% monthly and durable goods did the same in 0.2%. With this, the annual reading set at 2.0% and marked a noticeable acceleration from the previously recorded 0.9% (February). By country, Ireland`s 25.3% growth stood out, while Germany and France`s industrial production returned to positive territory with 0.5% and 1.2% annual increases, respectively.