Economic Pointers Mixed, but Upbeat

The consumer price index, or the measure of what U.S. consumers are spending on goods, rose 0.2% for the second straight month in February, a government report said. It was one of three reports released Thursday that offered a mixed, but generally positive, view of the economy.

A rise in consumer prices may reflect an increase in the demand for consumer goods, which could increase demand for trucking services.

Also Thursday, the Conference Board said its index of leading economic indicators was unchanged in February, standing at 112.4, ending a string of four straight increases.

“The U.S. economy has quickly turned from recession and is now firmly in recovery,” said Ken Goldstein, an economist with the board. “But the road ahead is far from smooth, with sluggish profits and weak export demand restraining growth.”

In a separate report by the Labor Department, initial jobless claims dipped 12,000 last week to 371,000 – their lowest level in a month. The number of people filing for unemployment benefits for the first time last week was the lowest since Feb. 21 when the figure was 361,000.

The four-week moving average for initial jobless claims, which removes volatility from the weekly figure, rose slightly from 376,500 to 379,000. For 2002, the four-week average has averaged 379,545 up from an average of 408,000 in 2001, the report said.

The CPI gains were led by increased prices for medical care, clothing and tobacco, the Labor Department said.

The “core” CPI, which removes the volatile prices of food and energy, rose by 0.3% in February.

Analysts had projected increases of 0.2% in both CPI and core CPI, Bloomberg said.

(Click here for the full press release from the Conference Board.)