• Producer Price Index
• Empire Manufacturing
• NAHB Housing Market Index
• ABC Consumer Confidence

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Producer Price Index MoM (Mar)

Survey	0.6%
Actual	1.1%
Prior	0.3%
Revised	n/a

PPI Ex Food & Energy MoM (Mar)

Survey	0.2%
Actual	0.2%
Prior	0.5%
Revised	n/a

Producer Price Index YoY (Mar)

Survey	6.2%
Actual	6.9%
Prior	6.4%
Revised	n/a

PPI Ex Food & Energy YoY (Mar)

Survey	2.8%
Actual	2.7%
Prior	2.4%
Revised	n/a

Producer Price Index TABLE

Inflation ripping.

From Karim:

Headline/Core divergence continues

• Headline up 1.1% m/m and 6.9% y/y

• Core up 0.2% m/m and 2.7% y/y

• Food (+1.2%) and gas (+1.3%) lead the way up, computers (-3.2%) and passenger cars (-0.2%) lead the way down.

• Intermediate and crude pressures remain intense, rising 2.3% and 8.0% respectively for the month

• Further margin squeeze likely to put further downward pressure on capex, especially in light of weak economy and credit conditions (see below)

Empire jumps from -22.2 to 0.6. Index quite volatile and 10-20 point moves per month the norm as of late.

6mth expectations deteriorate from 25.8 to 19.6.

• Shipments show largest jump from -5 to +17 (for current conditions)

• Employment and average workweek both extremely weak

• Capex intentions fall from 18 to 11.5

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Empire Manufacturing (Apr)

Survey	-17.0
Actual	0.6
Prior	-22.2
Revised	n/a

Survey is colored by subjective recessions fears bouncing back some.

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NAHB Housing Market Index (Apr)

Survey	20
Actual	20
Prior	20
Revised	n/a

Still looks to me like a bottom.

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ABC Consumer Confidence (Apr 13)

Survey	n/a
Actual	-39
Prior	-34
Revised	n/a

Still looking weak. Much like an export economy