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- US: Consumer Sentiment (Aug-prelim), Import/Export Prices (Jul)
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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller March 18, 2005
Import prices rose 0.8% last month and about matched Consensus expectations for a 0.7% rise. The prior month's increase was revised down slightly due to a lessened gain in petroleum prices but the estimated rise in nonpetroleum prices was revised higher.
Petroleum prices jumped 3.9% on top of the 3.4% surge the prior month. So far in March the price of Brent Crude oil has averaged $52.15 per barrel, up 14.2% versus the $45.66 averaged last month.
Other than oil, import prices continued to move moderately higher. Prices for nonauto consumer goods rose 0.2% (1.0% y/y) though prices in most categories were little changed. Capital goods prices also were unchanged m/m (-0.6% y/y) but lower computer prices (-0.4% m/m, -6.8% y/y) accounted for most of the weakness. Excluding computers capital goods prices rose 0.2% (2.5% y/y) and contrasted with price deflation in excess of 2% early in 2002.
Export prices were unchanged last month as a 0.9% decline (-8.2% y/y) in agricultural prices offset a 0.1% (4.7% y/y) gain in nonagricultural export prices.
Exchange Rates and the Prices of Manufacturing Products Imported into the United States is a 2002 article from the Federal Reserve Bank of New England.
Import/Export Prices (NSA) | Feb | Jan | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Import - All Commodities | 0.8% | 0.7% | 6.1% | 5.6% | 2.9% | -2.5% |
Petroleum | 3.9% | 3.4% | 26.6% | 30.4% | 21.0% | 3.0% |
Non-petroleum | 0.2% | 0.3% | 2.9% | 2.6% | 1.1% | -2.4% |
Export - All Commodities | 0.0% | 0.9% | 3.4% | 3.9% | 1.6% | -1.0% |