Wall Street Agenda (June 11th - 15th)

This coming week (June 11-14), CPI and PPI inflation likely turned negative in May due to declines in energy, while core inflation held steady. Retail sales were probably dented in May by softer auto and gasoline station sales, but probably held up in other key categories. Consumer attitudes on jobs prospects were likely damaged in early-June, offsetting any benefit from lower gasoline prices.

Wednesday, June 13? Producer Price Index (May)

Finished-goods producer prices likely eased under the weight of softer food and oil prices. Gasoline prices suffered most since they fell in a month were they typically rise. Core inflation should see a steady gain.

Wednesday, June 13 ? Retail Sales (May)

Retail sales likely contracted in May for the first time since May 2011. Light vehicle unit sales fell and gasoline stations are expected to have taken a hit from falling prices. Other retail sales categories should remain above water but exhibit weaker growth than in the first three months of the year.

Thursday, June 14 ? Consumer Price Index (May)

Consumer prices were likely dragged down by falling gasoline prices, while core (non-food, non-energy) prices firmed by 0.2%. Gasoline prices normally peak around the end of May, but this year gasoline prices began falling in April and posted losses for eight consecutive weeks. 

Friday, June 15 ? Industrial Production (May)

Total industrial production likely faded in May as motor vehicle production slipped from an ultra-strong April. It was probably not a great month for manufacturing as total production-worker hours fell 0.4%, though part of that was likely offset by higher productivity. Electricity output probably surged following a return to more normal weather, but gas utilities output probably fell. 

Friday, June 15? Reuters/University of Michigan Consumer Sentiment Index (June, Preliminary)

The Reuters/University of Michigan Consumer Index should decline 2.3 points to 77.0 in June. The fall in gasoline prices was probably not enough to offset the considerable deterioration in attitudes about job prospects stemming from the disappointing May jobs report.