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Economy in Brief
U.S. Government Budget Deficit Deepens to the Largest in Six Years
During FY'18, the federal government ran a 779.0 billion budget versus a 665.8 billion deficit in FY'17...
Empire State Manufacturing Index Increases; Prices Decline
The Empire State Manufacturing Index of General Business Conditions rose to 21.1 in October...
U.S. Business Inventory Accumulation Eases
Total business inventories increased 0.5% (4.2% y/y) during August...
Finland’s Inflation Stays Low -- Mostly
Finland is experiencing three distinct forces on the inflation front...
U.S. Home Affordability Improves M/M
The NAR Composite Index of Home Affordability declined 8.3% y/y during August to 141.2...
by Robert Brusca German PPI Flattens Out July 10, 2007
The German PPI has slowed and now has its Yr/Yr pace below 2% at 1.9%. But excluding energy, price trends, as improved as they are, still are not favorable.
Since sector prices are not seasonally adjusted we also look at a sequence of Yr/Yr calculations by sector to discern trends. On that basis German inflation is not progressing. In the upper panel where data are seasonally adjusted the trends also have stopped declining for PPI excluding energy and PPI excluding construction. On top of that there is a more stubborn trend in services inflation to deal with. While the German WPI was portrayed as good headline report it is also not good enough.
| M/M | SAAR | |||||
| May-07 | Apr-07 | Mar-07 | 3-Mo | 6-Mo | 12-Mo | |
| Total | 0.3% | 0.1% | 0.2% | 2.4% | 1.5% | 1.9% |
| Total excl Energy | 0.2% | 0.4% | 0.1% | 2.6% | 2.2% | 2.6% |
| Total excl Construction | 0.6% | -0.2% | 0.1% | 1.9% | 1.0% | 1.9% |
| Yr/Yr Rates | ||||||
| NSA | Yr/Yr | 3-Mo Ago | 6-Mo Ago | Yr/Ago | ||
| Total | 1.9% | 1.6% | 2.5% | 2.8% | 4.7% | 6.2% |
| Consumer | 1.7% | 1.7% | 1.7% | 1.8% | 1.4% | 1.6% |
| Investment | 1.2% | 1.1% | 1.2% | 1.2% | 1.1% | 0.5% |
| Intermediate | 4.8% | 5.3% | 5.5% | 5.5% | 5.6% | 4.2% |
