Indian stocks surged after the Economic Survey 2014-15 tabled in parliament by Finance Minister Arun Jaitley today, 27 February 2015, stated that the government remains committed to fiscal consolidation and said that there is a scope for Big Bang economic reforms. The Survey stated that the government has undertaken several reforms and more are on the anvil. The rally on the bourses was broad based. The barometer index, the S&P BSE Sensex, regained the psychological 29,000 mark. The Sensex attained one-week closing high. The 50-unit CNX Nifty attained its highest closing level in more than a week. The Sensex gained 473.47 points or 1.65% to settle at 29,220.12. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index rose 1.84%, outperforming the Sensex. The BSE Small-Cap index rose 1.4%, underperforming the Sensex.
The Economic Survey 2014-15 was presented a day before the Finance Minister Arun Jaitley presents Union Budget 2015-16 in the parliament tomorrow, 28 February 2015. Meanwhile, Prime Minister Narendra Modi today, 27 February 2015, said in Lok Sabha that if there is anything against farmers in the Land Acquisition Bill, the government is ready to change it.
The Sensex and the Nifty remained in positive zone throughout the trading session today, 27 February 2015.
Banking, auto, capital goods, metals and mining and power generation stocks rose. Index heavyweight and cigarette major ITC slipped on high volume after multiple bulk deals were executed on the counter. Realty stocks edged higher amid expectations that there will be clarity with regard to taxation of Real Estate Investment Trust (REIT) structure in Union Budget 2015-16 tomorrow, 28 February 2015.
Infrastructure stocks rose on hopes of sops for the sector in the Union Budget 2015-16 tomorrow, 28 February 2015. Jewellery stocks rose after the Economic Survey 2014-15 tabled in Parliament today, 27 February 2015, stated that India's overall trade performance signals an opportune time for withdrawal of restrictions on gold.
The stock exchanges have decided to keep the stock market open tomorrow, 28 February 2015, just like any other normal trading session when the Finance Minister Arun Jaitley presents the first full-fledged Budget of the Narendra Modi government. Trading will start at 9:15 IST and conclude at 15:30 IST.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 2489.79 crore from the secondary equity market yesterday, 26 February 2015, as per data from Central Depository Services. Domestic institutional investors (DIIs) bought shares worth a net Rs 340.79 crore yesterday, 26 February 2015, as per provisional data released by the stock exchanges.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged higher as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices.
In overseas markets, European stocks edged lower. Asian stocks also edged lower. In the US yesterday, 26 February 2015, small-cap companies outperformed large as downbeat economic reports and selling pressure from the energy sector weighed on the benchmark S&P 500 index.
The S&P BSE Sensex gained 473.47 points or 1.65% to settle at 29,220.12, its highest closing level since 20 February 2015. The index jumped 507.37 points at the day's high of 29,254.02 in late trade. The index rose 90.41 points at the day's low of 28,837.06 in mid-morning trade.
The CNX Nifty gained 160.75 points or 1.85% to settle at 8,844.60, its highest closing level since 19 February 2015. The index hit a high of 8,856.95 in intraday trade. The index hit a low of 8,717.45 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,820 shares gained and 1,059 shares fell. A total of 123 shares were unchanged.
The BSE Mid-Cap index rose 195.18 points or 1.84% to settle at 10,811.46, outperforming the Sensex. The BSE Small-Cap index rose 155.80 points or 1.4% to settle at 11,319.56, underperforming the Sensex.
The total turnover on BSE amounted to Rs 4340 crore, lower than Rs 4867.74 crore during the previous trading session.
Index heavyweight and cigarette major ITC slipped 0.92% to Rs 392. The stock hit high of Rs 396.45 and low of Rs 384.05. On BSE, 40.33 lakh shares were traded in the counter as against average daily volume of 4.78 lakh shares in the past quarter. Multiple bulk deals were executed on the counter on BSE today, 27 February 2015.
Reliance Industries (RIL) rose 2.11%. With respect to the recent media reports Corporate Espionage referring to information leakage of classified documents from the petroleum ministry, RIL clarified after market hours yesterday, 26 February 2015, that it has been informed in the media that one personnel has been arrested. The company is ascertaining more details through an internal enquiry. The company remains committed to communicate all material developments impacting the company to its stakeholders in a timely and appropriate manner, RIL said.
Bharti Airtel slipped 2.45%. Bharti Infratel shed 0.08% to Rs 367. Bharti Airtel announced after market hours yesterday, 26 February 2015, that it has yesterday, 26 February 2015, sold 5.5 crore shares of its subsidiary Bharti Infratel at Rs 350 each through a secondary share sale in the stock market for a total consideration of Rs 1925 crore. Post the transaction Bharti Airtel's equity holding in Bharti Infratel stands at 71.9%. Bharti Airtel said it will use the proceeds primarily to reduce debt.
PSU bank stocks edged higher. State Bank of India (SBI) (up 3.71%), Vijaya Bank (up 1.57%), and Union Bank of India (up 5.55%) gained.
Punjab National Bank, Bank of India, IDBI Bank, Canara Bank and Bank of Baroda edged higher after the finance ministry after trading hours yesterday, 26 February 2015, said that the Appointments Committee of Cabinet (ACC) has approved the criterion and method of selection of Managing Director and Chief Executive Officers of Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank and IDBI Bank. Punjab National Bank (up 3.72%), Bank of India (up 6.53%), IDBI Bank (up 3.29%) and Canara Bank (up 3.71%) gained. The criterion and method of selection of Managing Director and Chief Executive Officers of these five public sector banks envisage that both governmental and non-governmental candidates can apply. The candidate should have at least 15 years of mainstream banking experience, of which three years should at least be at the board level. The candidate should be in the age group of 45 to 55 years and will have a fixed tenure of three years, subject to normal age of superannuation of 60 years.
Bank of Baroda rose 5.25%. Bank of Baroda said after market hours yesterday, 26 February 2015, that the government will acquire 6.44 crore equity shares of the bank on preferential basis at an issue price of Rs 195.59 per share aggregating to Rs 1260 crore. Post allotment, the government's stake in the bank will rise by 1.27% to 57.53%.
Shares of private sector banks rose. HDFC Bank (up 1.26%), Axis Bank (up 3%), Yes Bank (up 4.91%), ICICI Bank (up 4.4%), ING Vysya Bank (up 0.84%) and IndusInd Bank (up 1.88%) gained. Kotak Mahindra Bank shed 0.25%.
Shares of power generation companies were in demand. Jaiprakash Power Ventures (up 5.25%), Tata Power Company (up 5.31%), Adani Power (up 4.56%), JSW Energy (up 3.97%), Reliance Infrastructure (up 3.97%), CESC (up 1.63%), Reliance Power (up 2.56%), and NHPC (up 1.91%), edged higher.
NTPC rose 3.17%. NTPC announced after market hours yesterday, 26 February 2015, that the Unit-III of 500 megawatt (MW) of Vallur Thermal Power Project of NTPC Tamil Nadu Energy Co. (NTECL), a joint venture of the company, and TANGEDCO, is declared on commercial operation from the midnight of 26 February 2015. With this the total commercial capacity of Vallur Thermal Power Project has become 1,500 MW and that of NTPC Group- 43,143 MW.
Power Finance Corporation gained 5.07% to Rs 293.15. Power Finance Corporation during market hours today, 27 February 2015, said that the company's board of directors at its meeting held today, 27 February 2015 declared and approved the payment of interim dividend of Rs 8.50 per share for the year ending 31 March 2015.
Rural Electrification Corporation (REC) rose 3.45%. Power Grid Corporation of India rose 2.72%. REC after market hours yesterday, 26 February 2015 said that its wholly owned subsidiary, REC Transmission Projects Company (RECTPCL), has transferred 50,000 equity shares of Vindhyachal Jabalpur Transmission (VJTL) to Power Grid Corporation of India (PGCIL) and their nominees on 26 February 2015, upon the terms and conditions as detailed in the Share Purchase Agreement executed between RECTPCL, VJTL and PGCIL, for establishment of transmission system strengthening associated with Vindhyachal-V.
Infrastructure stocks rose on hopes of sops for the sector in the Union Budget 2015-16 tomorrow, 28 February 2015. Jaiprakash Associates (up 5.25%), Hindustan Construction Company (up 9.19%), Gammon India (up 4.74%), IRB Infrastructure & Developers (up 2.48%), GVK Power Infrastructure (up 5.27%), Adani Ports & Special Economic Zone (up 5.6%), Lanco Infratech (up 9.43%), and GMR Infrastructure (up 9.17%) gained.
The thrust of the Union Budget 2015-16 is expected to be on infrastructure by way of an increase in government's own capital expenditure along with measures to increase private participation for the development of infrastructure. The government has clearly highlighted its long-term priorities like infrastructure (smart cities, renewable energy, railways, roads, inland waterways, etc) and manufacturing (Make in India) etc.
Metal stocks edged higher. Hindustan Copper (up 1.89%), Hindustan Zinc (up 1.08%), and Hindalco Industries (up 3.74%) edged higher. National Aluminium Company was unchanged.
Among steel stocks, Jindal Steel & Power (up 4.69%), JSW Steel (up 1.59%), Tata Steel (up 1.78%), Steel Authority of India (Sail) (up 4.13%) gained.
Among iron ore miners, Sesa Sterlite (up 3.98%) and NMDC (up 4.01%) rose.
Railway freight rates have been hiked by 0.8% for transport of iron ore and steel from 1 April 2015 after the government rationalized freight rates in the Railway Budget 2015-16 presented in the parliament yesterday, 26 February 2015.
Coal India gained 2.29%. Coal India after market hours today, 27 February 2015, said that the company's board of directors at its meeting held today, 27 February 2015, approved payment of interim dividend of Rs 20.70 per share for the year ending 31 March 2015 as recommended by the Audit Committee of the company in its meeting held on today, 27 February 2015.
Meanwhile, the railway freight rates have been hiked by 6.3% for coal transport from 1 April 2015 after the government rationalized freight rates in the Railway Budget 2015-16 presented in the parliament yesterday, 26 February 2015.
Auto stocks were in demand. Maruti Suzuki India (up 2.58%), Eicher Motors (up 3.77%), Ashok Leyland (up 2.54%) and Hero MotoCorp (up 1.5%) gained.
Tata Motors rose 2.37%. Tata Motors after market hours today, 27 February 2015, announced a Voluntary Retirement Scheme for the workmen. The company said its new people initiatives are designed to enhance the company's competitiveness at a time when the business environment and macro-economic pressures have resulted in depressed growth of the commercial vehicle and passenger car businesses in India.
Bajaj Auto rose 0.75% to Rs 2,151. The stock hit high of Rs 2,159 and low of Rs 2,105. On BSE, 20.11 lakh shares were traded in the counter as against average daily volume of 49,019 shares in the past quarter. A bulk deal of 19.67 lakh shares was executed on the counter at Rs 2,119.95 at 10:31 IST on BSE today, 27 February 2015.
Mahindra & Mahindra (M&M) rose 1.55%. With respect to media reports titled Mahindra & Mahindra is in talks with British Aerospace for an alliance, M&M during market hours today, 27 February 2015, clarified that the report is highly speculative in nature and there are no arrangements which the company has entered into.
In a separate announcement, with respect to media reports titled M&M wants to milk dairy sector; eyes up to Rs. 750 crore buyout, M&M during market hours today, 27 February 2015, clarified that the article referring to a senior official of the company commenting about the investment size, brand name and supply chain on the sidelines of a CII organized SME summit is incorrect. The contents in the report are very generic in nature and the company will not be in a position to comment on the same, M&M said. Media reports had quoted a senior official of the Mahindra Group firm on 25 February 2015 as saying that the group can invest anything between Rs 150 crore and Rs 750 crore to enter dairy sector.
TVS Motor Company rose 4.44%. The company announced during trading hours that it has signed a MOU (Memorandum of Understanding) with Kangra Central Co-operative Bank for retail finance of two wheelers in Himachal Pradesh. Through this tie-up, customers will benefit from highly competitive rates of interest and easy access to high quality, world-class products. Kangra Central Co-operative Bank is one of the leading banks of Himachal Pradesh with around 200 branches.
Shares of companies operating in the capital goods sector rose across the board. Bharat Electronics (up 3.27%), Punj Lloyd (up 6.27%), Crompton Greaves (up 3.37%), Bharat Heavy Electricals (Bhel) (up 1.74%), BEML (up 1.16%), Siemens (up 3.23%), ABB (up 1.48%) and Thermax (up 0.18%), edged higher.
Engineering & construction major L&T gained 4.93%. Tata Power Company gained 5.31%. Tata Power Company announced after market hours yesterday, 26 February 2015, that its Strategic Engineering Division (Tata Power SED), in a consortium with L&T, is one of the two down-selected Development Agencies for Ministry of Defence's prestigious "MAKE" Program "Battlefield Management System (BMS)". Tata Power SED is the lead of the consortium.
BMS is a Network Centric Program being indigenously developed for the Indian Army under the MAKE category of Defence Procurement Procedure. It is the second such Program that Tata Power SED and L&T are collaborating for. In next 5-7 years, when BMS will be deployed by the Army, it will cover more than 70% of soldiers while digitizing the Tactical Battlefield and creating a secure IoT (Internet of Things) for the Army.
The down-selection of Tata Power SED - L&T consortium enables it to participate in the Prototype Development Phase of this MAKE Program followed by a Production Order, which will be decided by the MoD after successful completion of the Prototype. Tata Power SED is one of the few private companies with a track record of over four decades in Defence R&D and Production. Project BMS is of special importance as it gives an opportunity to serve a very large section of the Indian Army.
Realty stocks edged higher amid expectations that there will be clarity with regard to taxation of Real Estate Investment Trust (REIT) structure in Union Budget 2015-16 tomorrow, 28 February 2015. Unitech (up 16.8%), Indiabulls Real Estate (up 5.59%), Housing Development and Infrastructure (up 5.83%), Oberoi Realty (up 3.2%), D B Realty (up 2.83%), Sobha (up 3.26%) and Parsvnath Developers (up 2.75%) gained.
The real estate sector has sought tax clarity with regards to Real Estate Investment Trust (REIT). Abolishing capital gains tax, minimum alternate tax (MAT) applicability and dividend distribution tax (DDT) would make REITs attractive for both retail and institutional investors and bring about much needed liquidity for commercial projects specifically.
DLF gained 3.79% to Rs 156, with the stock reversing initial fall. The stock hit high of Rs 156.55 and low of Rs 147.10. DLF before market hours today, 27 February 2015, said that the company has been made aware of adjudication orders passed by Securities and Exchange Board of India (Sebi) under Section 15 of the Sebi Act, 1992 against DLF, its directors and other notices. The company is presently reviewing the said Orders and after taking appropriate legal advice, the company will challenge the said Orders in appeal, DLF said. On similar facts, Sebi had earlier passed an Order dated 10 October 2014 inter alia under Section 11 of the Sebi Act, 1992 against DLF and its directors, which Order was challenged by the company before the Hon'ble Securities Appellate Tribunal. DLF will defend itself to the fullest extent against any adverse findings and measures contained in the Orders passed by Sebi, the company said.
Aditya Birla Nuvo fell 0.3%. The company announced during trading hours that its Ammonia/Urea Plant at Jagdishpur (U.P.) has been shut down from 27 February 2015. The shutdown of the plant is necessitated due to policy of the Government of India for production beyond 100% quantity as permissible under the pricing mechanism during the financial year 2014-15. The company will carry out various maintenance jobs during the shutdown period. The plant will remain under shut down till 1st week of April 2015, the company added.
Shares of defence equipment makers rose on expectations of increase in budgetary allocation to defence sector in Union Budget 2015-16 tomorrow, 28 February 2015. Pipavav Defence and Offshore Engineering Company (up 3.47%), BEML (up Bharat Electronics (up 3.27%), Astra Microwave Products (up 4.77%), and Walchandnagar Industries (up 0.82%) edged higher.
Finance minister could offer some incentives to Indian firms to encourage domestic manufacturing under the aegis of the 'Make In India' programme. There has been a spike in the interest in Indian companies to participate in defence manufacturing.
Shares of companies whose fortunes are linked to orders from Indian railways edge higher. Stone India (up 3.51%), Simplex Casting (up 1.94%), Kalindee Rail Nirman (Engineers) (up 2.66%), Container Corporation of India (up 2.04%), Texmaco Rail & Engineering (up 10.61%), NELCO (up 14.92%), Titagarh Wagons (up 10%), Zicom Electronic Security Systems (up 1.28%), Hind Rectifiers (up 0.78%) and Kernex Microsystems (up 4.93%) edged higher.
Railway Minister Suresh Prabhu yesterday, 26 February 2015, said at the time of presenting the Railway Budget 2015-16 that the Railways will invest Rs 8.5 lakh crore over the next 5 years.
Jewellery stocks rose after the Economic Survey 2014-15 tabled in Parliament today, 27 February 2015 said that India's overall trade performance signals an opportune time for withdrawal of restrictions on gold. Shree Ganesh Jewellery House (I) (up 0.87%), Gitanjali Gems (up 3.98%), Tribhovandas Bhimji Zaveri (up 4.4%), PC Jeweller (up 3.62%), Tara Jewels (up 1.51%), Rajesh Exports (up 1.56%), and Titan Company (up 2.34%) edged higher.
It may be recalled that the Reserve Bank of India (RBI) had recently eased restrictions on gold imports. On 18 February 2015, the RBI said that nominated banks are permitted to import gold on consignment basis and that banks are free to grant gold metal loans.
Persistent Systems rose 2.62%. The company during trading hours said that it has fixed 11 March 2015 as Record Date for the purpose of ascertaining the entitlement of the shareholders for the issue of bonus shares in the ratio of one equity share for every one equity share held.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.83, compared with its close of 61.76 during the previous trading session.
Brent crude oil futures edged higher as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices. Brent for April settlement was up $1.39 a barrel at $61.44 a barrel. The contract had declined $1.58 a barrel or 2.56% to settle at $60.05 a barrel during the previous trading session.
The Economic Survey 2014-15 tabled in Parliament by Finance Minister Arun Jaitley today, 27 February 2015, stated that the government remains committed to fiscal consolidation and that the deficit target of 4.1% as envisaged in the Budget 2014-15 will be met. According to the survey, India needs to create additional fiscal space in order to ensure macro stability and to create buffers for future economic downturns. As per a medium-term fiscal strategy, there is a need to reduce fiscal deficit over the medium term to the established target of 3% of GDP. There is a need to ensure that the government's borrowing over the cycle is only for capital formation.
With regard to government expenditure, the Survey advocates a shift away from consumption, by reducing subsidies, towards investment. The Survey, however, states that eliminating or phasing down subsidies is neither feasible nor desirable. The Survey states that converting all government subsidies into direct benefit transfers is a laudable goal of government policy.
The Economic Survey 2014-15 has acknowledged that the Food Subsidy Bill has increased substantially in the past few years putting a severe strain on the public exchequer. Rationalization of subsidies and better targeting of beneficiaries would release resources for public investment in agriculture.
The Economic Survey taking into consideration the change of base year by the Central Statistics Office of the National Accounts series from 2004-05 to 2011-12, states that GDP growth at market prices for 2015-16 is expected to be 8.1% to 8.5%. The growth rate in GDP at constant (2011-12) market prices in 2012-13 was 5.1%, which increased to 6.9% in 2013-14 and it is expected to further increase to 7.4% in 2014-15 (according to advanced estimates). As the new government is to present its first full year budget, the Economic Survey states that it appears that India has reached a sweet spot and that there is a scope for Big Bang reforms now.
Jaitley will use the Survey's data when he presents Union Budget 2015-16 in parliament tomorrow, 28 February 2015.
According to the Survey, India's medium-term growth prospects will be conditioned by the "balance sheet syndrome with Indian characteristics" that has the potential to hold back rapid increases in private sector investment. The Survey also states that India faces an export challenge, reflected in the fact that the share of manufacturing and services exports in GDP has stagnated in the last five years. According to the survey, the outlook is favourable for the current account deficit (CAD) and the financing of the CAD.
The Survey stated that the government has undertaken several reforms and more are on the anvil. The introduction of the nationwide Goods and Services Tax (GST) and expanding direct benefit transfers can be game-changers.
On investments, the Survey has significantly commented that while private investment must remain the primary engine of long-run growth, the public investment, especially in the railways, will have to play an important role at least in the interim, to revive growth and to deepen physical connectivity. The Economic Survey has expressed a serious concern that several projects have been stalled and such a tendency is increased over the past years. In the same breadth, the Survey notes that such stalling of projects seems to have plateaued. It suggested revitalizing public private partnership model of investment.
To improve the investment climate and reduce the backlog of stalled projects, the Survey advocates revival of public investment in short term, to act as an engine of growth in infrastructure sector. It argues that public investment cannot be a substitute for private investment; but is required as a complement and to crowd it in. The Survey highlights the need for reorientation and restructuring of the public private partnership (PPP) model. Creative solutions need to be devised to strengthen institutions relating to bankruptcy, says the Survey. The total stock of stalled projects currently stands at Rs 8.8 lakh crore or 7% of GDP.
With regard to infrastructure development, the Survey mentions that the focus of the government has been on resolving long pending issues like pricing of gas, establishing processes and procedures for transparent auction of coal and minerals and improving power generation and distribution.
All eyes are now on Union Budget 2015-16. Jaitley will begin his speech at 11:00 IST in Lok Sabha tomorrow, 28 February 2015, as he tables the Union Budget 2015-16 in the parliament. Analysts will scrutinize measures in the Budget for financing infrastructure projects as well as the government's own capital expenditure on infrastructure for the year ahead. This is the first full fledged Budget of the Narendra Modi government and analysts will look for a roadmap for economic growth for the next few years.
Changes in rates of dividend distribution tax, capital gains tax on sale of shares, Securities Transaction Tax (STT) and Minimum Alternate Tax (MAT), if any, will be closely watched. The dividend distribution tax is currently at 15%. The minimum alternate tax is currently at 18.5% of book profits. Short term capital gains tax on sale of shares is currently at 15% while there is zero long capital gains tax on sale of shares held for a period of more than one year.
Analysts are awaiting further progress on the Goods and Services Tax (GST) during the ongoing Budget session of Parliament after the Constitution Amendment Bill for the introduction of GST was tabled in the Lok Sabha during the winter session of parliament. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
In overseas markets, European stocks edged lower today, 27 February 2015. Key benchmark indices in UK, France and Germany were off 0.07% to 0.13%.
German lawmakers have approved a four-month extension of Greece's 240 billion ($269 billion) bailout program, according to reports. The vote in the Bundestag was 542 in favor of the extension, 32 against and 13 abstaining. The vote comes after eurozone finance ministers earlier this week approved Greece's list of proposed economic reforms that was required for the extension.
In France, consumer spending--the largest factor of French economic growth--rose 0.6% in January from December and was 2.6% higher on year, national statistics agency Insee said today, 27 February 2015. That marked the third straight month of rising consumer spending. Insee also revised the December increase up by 0.1% points to 1.6% on month.
Most Asian stocks edged lower mixed today, 27 February 2015. Key benchmark indices in Hong Kong, Indonesia, South Korea and Singapore were off 0.02% to 0.68%. Key benchmark indices in China and Japan were up 0.06% to 0.36%. Markets in Taiwan are closed today, 27 February 2015 in observance of Peace Memorial Day.
Japanese industrial production rose 4% in January 2015 -the second straight on-month increase, following the 0.8% increase in December 2014, data showed today, 27 February 2015.
Trading in US index futures indicated that the Dow could fall 18 points at the opening bell today, 27 February 2015. US stocks ended mixed yesterday, 26 February 2015 in another lackluster performance, amid uncertainty about the near-term outlook for the markets.
Investors are now waiting on revised fourth quarter US gross domestic product data due later today, 27 February 2015 for another health check of the world's largest economy.
In economic news, the consumer-price index fell 0.7% in January 2015 from December 2014, the Labor Department said yesterday, 26 February 2015. Prices slipped 0.1% from a year earlier, marking the first year-over-year decline since October 2009. Another data showed that weekly jobless claims rose to 313,000 last week, above the 283,000 in the previous week. Durable goods orders figures for January increased 2.8%, after a 3.4% decline in the prior month.
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