Recent Updates
- New Zealand: Value of Building Work Put in Place by Region (Q4)
- New Zealand: Value of Building Work Put in Place (Q4)
- US: Public Debt (Feb), Mfrs' Shipments Inventories & Orders (Jan), Productivity & Costs with Revisions (Q4)
- more updates...
Economy in Brief
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
U.S. Productivity's Decline Lessened in Q4'20; Reverses Q3 Increase
Revisions to nonfarm business sector productivity indicated a 4.2% decline during Q4'20...
EMU Unemployment Rate Steadies in January
The overall EMU unemployment rate was steady in January, off peak, but still elevated...
U.S. ADP Nonfarm Private Payroll Increase Disappoints in February
Job market strength moderated last month....
U.S. ISM Services Index Weakens in February
The ISM Composite Index of Services Activity declined to 55.3 during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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% |
