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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller July 13, 2005
Import prices in June recovered the prior month's revised decline with a 1.0% increase and about matched Consensus expectations.
Petroleum prices more than recovered May's decline with a 7.6% jump. In early July, Brent crude moved higher to $57.69/bbl. from an average $55.37 in June.
Import prices other than petroleum posted the second consecutive monthly decline and fell 0.4% last month. The decline primarily reflected a 1.7% drop in prices for foods, feeds & beverages.
Prices for nonauto consumer goods fell 0.1% (+1.4% y/y) and capital goods prices were unchanged (0.0% y/y). Excluding computers capital goods prices also were unchanged (2.9% y/y).
During the last ten years there has been a 66% (negative) correlation between the nominal trade-weighted exchange value of the US dollar vs. major currencies and the y/y change in non oil import prices. The correlation is a lower 47% against a broader basket of currencies and a lower 57% against the real value of the dollar.
Export prices were unchanged.
Import/Export Prices (NSA) | June | May | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Import - All Commodities | 1.0% | -1.0% | 7.0% | 5.6% | 2.9% | -2.5% |
Petroleum | 7.6% | -4.8% | 37.6% | 30.5% | 21.0% | 3.0% |
Non-petroleum | -0.4% | -0.2% | 2.1% | 2.6% | 1.1% | -2.4% |
Export - All Commodities | 0.0% | -0.2% | 3.2% | 3.9% | 1.6% | -1.0% |