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ISM Manufacturing Index Improves in May
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Construction spending dropped 2.9% in April with net upward revisions to previous months...
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Manufacturing PMIs rose on broad front in May...
U.S. Personal Savings Hits Record Level as Spending Is Curtailed and Income Surges
Spending cutbacks are extensive due to coronavirus...
U.S. International Trade Collapses in April; Deficit Widens
Trade deficit widens to $69.7 billion...
by Tom Moeller August 16, 2005
Consumer prices (CPI-U) rose 0.5% last month following no change in June and a 0.1% decline in May. Consensus expectations had been for a 0.4% July increase.
Energy prices jumped 3.8% led by a 6.1% (19.5% y/y) increase in gasoline prices to an average $2.29 per gallon. In August gasoline prices have risen further to $2.55 per gallon. Fuel oil prices also posted a strong 6.2% (34.3% y/y increase while natural gas prices gained 1.1% (7.1% y/y) and have strengthened further this month..
Less food & energy prices rose 0.1% for the third consecutive month. Consensus expectations had been for a 0.2% increase.
Core goods prices, down 0.3%, fell for the third month in the last four led by a 1.0% (+0.3% y/y) decline in new vehicle prices. Appliance prices fell 0.5% (+2.0% y/y) and apparel prices tumbled 0.9% (-1.9% y/y), down hard for the third month in the last four.
Core services prices rose 0.3% as medical care services prices doubled the gain in June with a 0.4% (4.8% y/y) increase. Public transportation prices jumped 1.0% (5.5% y/y) and school tuition costs gained 0.6% (6.6% y/y). Shelter prices rose 0.3% (2.5% y/y).
The chained CPI which adjusts for shifts in the mix of consumer purchases rose 0.4% but less food & energy chain prices were unchanged.
| Consumer Price Index | July | June | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 0.5% | 0.0% | 3.1% | 2.7% | 2.3% | 1.6% |
| Total less Food & Energy | 0.1% | 0.1% | 2.1% | 1.8% | 1.5% | 2.3% |
| Goods less Food & Energy | -0.3% | -0.2% | 0.4% | -0.9% | -2.0% | -1.1% |
| Services less Energy | 0.3% | 0.2% | 2.8% | 2.8% | 2.9% | 3.8% |
| Energy | 3.8% | -0.5% | 14.2% | 10.9% | 12.2% | -5.9% |
| Food | 0.2% | 0.1% | 2.2% | 3.4% | 2.1% | 1.8% |
| Chained CPI: Total (NSA) | 0.4% | -0.1% | 2.6% | 2.3% | 2.0% | 1.3% |
| Total less Food & Energy | 0.0% | -0.2% | 1.8% | 1.5% | 1.1% | 1.9% |
