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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
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U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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% |