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Market Brief – Thursday 9/15/22

Stocks started the day lower, and Treasury yields higher following a big economic data dump.

Initial unemployment claims fell -5k to 213k last week as employers are laying off fewer workers. State claims rose +2k last week to 1.403 million.

Retail sales rose +0.3% in August and slowed to +9.1% from this time last year. Excluding food and energy, core retail sales fell -0.3% and retail sales excluding gas and autos rose +0.3%.

Import prices fell -1.0% in August and slowed to +7.8% from this time last year. Export prices fell -1.6% in August and slowed to +10.8% from this time last year.

The NY Empire State Manufacturing Index improved to -1.50 in September from -31.30 last month.

The Philly Fed Manufacturing Survey fell to -9.9 in September from 6.2 last month. Capex, prices paid, and employment slowed, while business conditions contracted at a slower rate, and new orders contracted at a faster rate.

Industrial production fell -0.2% in August and slowed to +3.86 from this time last year. Manufacturing production fell -0.2% and Capacity Utilization fell slightly to 80% in August.

Stocks closed sharply lower on the day and Treasury yields closed slightly higher on the day.