Market Update





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February 2024

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.3% in January 2024 (seasonally adjusted), after decreasing 0.1% in December. The index for final demand goods moved down 0.2% in January, the fourth consecutive decline, while the index for final demand services moved up 0.6%, the largest increase since July 2023. A 2.2-percent increase in the index for hospital outpatient care was a major factor in the January rise in prices for final demand services.
Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 120.577 in January, up 0.35% m/m, reversing trend after steadily decreasing for two months. This index value is up 0.56% on a year on year (y/y) basis.
Crude Oil & Natural Gas Pricing: January’s average West Texas Intermediate (WTI) crude oil price per barrel increased 3% month on month (m/m). The WTI is down 5% year on year (y/y), coming in at $74.15 / barrel in January 2024 vs. $78.12 / barrel in January 2023.

January 2024

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in December 2023 was flat (m/m) to $295.5, following the 5.5% increase in November. The always-volatile nondefense aircraft orders, up 11.6% y/y, influenced this trend significantly.

September 2023

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 120.379 in August, up 1.51% m/m, reversing trend after steadily decreasing for two months. This index value is down 1.67% on a year on year (y/y) basis. Month over month, we saw the Euro strengthen vs. the USD in August.
Employment by Industry (U.S.): In August 2023, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 156.4 million (M) – an increase of 187,000 (+0.1%) month on month (m/m). When compared to August 2022, total employment is up by 2.0% year on year (y/y). Among the employment sectors that we track at ˽av, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 0.6% m/m.
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