Import prices in the U.S. saw a 0.3% uptick in February, following a 0.8% rise in January, according to the United States Bureau of Labor Statistics. This increase was driven by higher prices across both nonfuel and fuel imports. Additionally, export prices in the U.S. climbed by 0.8% in February, following a 0.9% increase in the previous month.
In the Bureau’s Employment Situation report, nonfarm payroll employment in the United States saw an increase of 275,000 in February. However, the unemployment rate slightly rose to 3.9% during the same period. Growth in employment was notable in various sectors such as health care, government, food services and drinking places, social assistance and transportation and warehousing.
In 2023, the U.S. became the world’s leading exporter of liquefied natural gas (LNG), surpassing Australia and Qatar. U.S. LNG exports averaged 11.9 billion cubic feet per day (Bcf/d), a 12% increase compared to 2022. This increase was fueled by the return of Freeport LNG to full production and strong demand in Europe due to high international natural gas prices. Europe remained the primary destination for U.S. LNG exports, accounting for 66% of total exports, followed by Asia and Latin America/Middle East.
U.S. stock markets closed March with a mixed performance, wrapping up an eventful first quarter. Investors awaited key inflation data for insights into potential changes in the benchmark interest rate by the Fed. The Dow Jones Industrial Average ended slightly higher, nearing the significant milestone of 40,000, while the Nasdaq Composite and the S&P 500 closed with slight declines.
In economic news, initial jobless claims decreased slightly, while GDP growth for the fourth quarter of 2023 exceeded expectations. Consumer sentiment and pending home sales also showed positive signs. However, there were concerns about inflation as rates rose in February.
For the week, the Dow and the S&P 500 posted gains, while the Nasdaq Composite slipped. The month of March saw
overall gains across major indices, with the Dow, S&P 500 and Nasdaq Composite all recording positive performance. In the first quarter of 2024, Wall Street delivered strong results, with the Dow posting its strongest performance since 2021, the S&P 500 recording its best performance since 2019 and the Nasdaq Composite also showing significant appreciation.
The charts for the first quarter of 2024 are impressive, particularly with the Nasdaq and S&P 500 both showing gains of over 11%, along with nearly 6% gains on the Dow and the Russell 2000. While such high levels of market enthusiasm
are unlikely to sustain indefinitely, they mark a promising beginning to a significant year.
References
- bls.gov/news.release/empsit.toc.htm
- bls.gov/news.release/ximpim.toc.htm
- finance.yahoo.com/news/stock-market-news-apr-1-092200513.html
- eia.gov/todayinenergy/
- bakerhughesrigcount.gcs-web.com/rig-count-overview