Market Matters – September 16, 2022 Edition

Initial Jobless Claims
Initial Jobless Claims fell by -5k to 213k for the week ended September 10th vs. the prior week’s revised print at 218k (orig. 222k). The four-week moving average dropped to 224k, the lowest since June. Continuing claims, which lag a week, rose +2k to 1.403mln from a downwardly revised 1.401mln (orig. 1.473mln).
CPI for August came in hot, up 0.1% MoM for the headline, and up 8.3% YoY, beating market expectations of a fall of 0.1% MoM and +8.1% YoY. CPI ex food and energy was also hot, up 0.6% MoM and +6.3% YoY, beating expectations of +0.3% MoM and +6.1% YoY. The food index increased 0.8% MoM in August, energy index fell 5% MoM, and owner’s equivalent rent increased 0.7% MoM. Looking at the annual increase in a few categories, Outdoor equipment supplies +13.1%, Housekeeping supplies +11.7%, Food +11.4%, and Health Insurance +24.3%. After the hot CPI number, it looks like the Fed is raising 75 bps in their next meeting.


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