Independent Accountants' Investment Counsel Inc.

(source: Bloomberg, MSCI and ARG Inc. analysis)


What happened last week?

  • On Wednesday the Bureau of Labor Statistics released the latest Consumer Price Index (CPI) data showing that household purchases rose by 4.9% on a year-over-year basis and by 0.4% in April after rising 0.1% in March.  The most recent monthly price increases were led by shelter, used vehicles and gasoline.  Overall, the energy index rose 0.6% for the month, and food prices in the aggregate were unchanged.

  • The U.S. Producer Price Index (PPI) rose 0.2% in April after falling 0.4% in March and was unchanged in February.  On an annualized basis producer prices rose 2.3% for the twelve months ending in April.  Year-over-year producer prices have fallen each month over the past year from a high of 11.2% in April 2022.

  • China’s consumer prices rose 0.1% in April, after rising 0.7% in March, and its year-over-year inflation rate is 1%.  China’s PPI fell 3.6% compared to April 2022.  China's inflation for consumers and producers are significantly lower than the United States, who has seen 10 consecutive interest rate increases and has brought U.S. CPI down to 4.9%.

Source: BLS CPI Release, BLS PPI Release, China’s inflation




What’s ahead for this week?

  • In Canada, new housing price index, housing starts, manufacturing sales, wholesale sales, and retail sales will be reported. 

  • In the U.S., a variety of indicators for April showing the health of the economy will be reported, including retail sales, capacity utilization, industrial and manufacturing production, business, and retail inventories, building permits, housing starts, and existing home sales.

  • Globally, the Eurozone will announce its first quarter Gross Domestic Product (GDP) and trade balance and its consumer inflation for April and year-over-year.  China is scheduled to release its industrial production, retail sales and unemployment rate for April.  Capacity utilization and industrial production, imports, exports and trade balance, and CPI will be reported by Japan.

Source: Eurozone


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This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc.  All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics.  No guarantee of outcome is implied, and opinions may change without notice.  Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein.  Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

Please contact your IAIC representative if you have any questions regarding this report. 


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