Today's U.S. reports
Today's U.S. reports revealed a mixed but modestly weak round of import price data for March that slightly trimmed real GDP prospects in Q1, alongside a 9k initial claims drop after the 24k Good Friday surge that left a slightly-elevated 233k level in the first week of April. For trade prices, a flat import price figure was restrained by a 1.3% oil import price drop, while a firm 0.3% export price rise reflected a 3.4% food export price pop. Analysts saw smaller core price gains than seen over the prior two months, with the usual skewing of trade price strength toward exports. For claims, the moving Easter holiday and school breaks often disrupt the seasonal factors into early April, so the rise over the last two weeks isn't problematic with this year's slightly early holiday. Analysts still assume a 210k April nonfarm payroll rise.