ECONOMIC & FINANCIAL DATA 13 CARIBBEAN BUSINESS THURSDAY, APRIL 21, 2011

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\A/;^trh weekly .bconoinic and rinancial Review an annual rate of 8.1%. On the other hand,
Highlights retail sales-not including automobiles and The Road to Recovery
auto-part -were up by 0.8% on a monthly Economic Uncertainties
Puerto Rico's cement sales went up by
basis in March. By José J. Villamil, Estudios Técnicos, Inc.
4.9% in March compared to the same month
US: Retail & Food Services Sales
of the previous year. (Millions of $, SA) The Chairman of the Federal Reserve System,
Consumer prices in the U.S. rose by 0.5% 395,000 Ben Bemanke, recently indicated that the stimulus
for the second consecutive month in March. 380,000
program based on purchasing outstanding
U.S. total retail sales rose 0.4%.in March. government debt, known as Q2, will almost
365,000 certainly stop in June. The Fed has also been
350,000 signaling that with inflation under control and
US & Global 335,000 the economy growing at a safe rate, there is no
U.S. consumer prices rose by 0.5% in 320.000 pressure to raise interest rates. On the other hand.
March, led by an increase in energy prices. Republicans in the House arc of the opinion that
inflation poses a greater threat and that tightening
The index for energy went up 3.5%, pushed is required. Obviously, achieving some consensus
Source: US Census Bureau
up by higher gasoline prices, which were up on the short term prospects for the economy is
by 5.6% in March. On the other hand, prices, essential. This probably explains why Chairman
excluding food and energy, an indicator Puerto Rico Bemanke will hold a first ever press conference
closely watched by economists, went up by Cement sales went up at an annual rate of to announce the Fed's position and its economic
4.9% in March 2011, the 3rd consecutive projections. There are some major extemal factors
0.1%. that complicate the situation. One is the increased
US: Consumer Price Index month with an increase in sales. Sales reached price of petroleum that has caused gasoline prices
(Change from Preceding Month, SA) 81 .,091 metric tons. For the first quarter of to surpass the $4.00 per gallon threshold, others are
0.6% n 2011, sales are up by 10.2% totaling 211,947 the uncertainty with respect to European prospects
0.5% 0.5%
0.5% - metric tons. and volatility in Northem Africa and the Middle
0.4% 0.4% East. Internally, the housing market situation is

11
0.4%
unsettled and the high levels of unemployment
PR: Puerto Rico's Monthly Cement Saies

••
0.3% likewise, notwithstanding recent improvements in
0.2% 0.2% ((Metric Tons, NSA))
0.2% the unemployment rate. The cuts in govemment
0.1% 200.000 1
0.1% spending will almost certainly have a negative
160.000 impact on the rate of economic growth. Puerto
0.0%
120.000 Rico is part of that uncertain scenario. Cuts in the
09/10 10/10 11/10 12/10 01/11 02/11 03/11 federal budget will have an impact that Resident
80.000
Source: Bureau of Labor Statistics Commissioner Pierluisi already estimated at some
- Cement Sales
40,000
-12 Month MA (Cement Sales)
$226 million this year. Of greater concem is that
Total retail sales increased by 0.4% to any slowing down of the U.S. economy will
$389.3 billion in March from February, and make our efforts towards economic recovery even
7.1% from March 2010. Accumulated sales more difficult than they already are. A consensus
Source: PR Planning Board on economic policy between the two parties in
for the first three months of 2010 were up at the Congress would, at least, reduce some of the
For actual and updated information on Economic Indicators. Interest Rates, Commodities and uncertainty.
^___.. ^ .^ d N i g n by Estudios Técnicos. Inc Commsnis welcome at bbvapublicldad@bt)vaprxom.BevA Puerto Rico puUlahealhia document for infixmatlanpurpcMaa only. Thainlbnnation i II Ihia puUlcatlon shoiál ncl be oonalnied or used as advice lor Investment, acxxunting. lax ot flnencW purpoeea. The opMona e i q n M a d
are based on rtormellonbeiievaa by ustobe reliable, but BBVA Puerto Riœ does nut represent thai it ßaixurataorcomfiMe, should not be railed upon aa such, and BBVA Puedo Rico does not aaatjme any reaponsWMy for ally uae you may aive 10 Ihe Infannetion. BBVA Puerto Rico f u r t i a r d a n l e s a l » e n » n t l e s . l n d u i l n a , i i « h o u t l l m l l a l t a i . » a i i » i t o o l i ^ ^
fitness tor a particulaf punxMe

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