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Economy in Brief
U.S. Consumer Credit Growth Surges in June
Consumer credit outstanding jumped $40.1 billion (7.7% y/y) in June...
Japan's LEI Waffles and Slows
Japan's leading economic index in June slipped to 100.6...
U.S. Foreign Trade Deficit Narrows in June
The U.S. trade deficit in goods and services (BOP basis) fell to $79.61 billion in June...
U.S. Unemployment Claims Remain on an Uptrend
Initial claims for unemployment insurance filed in the week ended July 30 rose 6,000 to 260,000...
RICS Survey Shows Weakening U.K. Housing Market
With the Bank of England hiking its key rate by 50 basis points and planning to squeeze its balance sheet...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Excess Demand for Goods Caused Supply Constraints
Q2 GDP Does Not Confirm Economic Recession, But It Does Confirm A Corporate Profit Recession
State Coincident Indexes in June 2022
State Labor Markets in June 2022
No Recession Call Can Be Made Before BEA Explains The Record Gap Between Income & Output
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% |
