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Economy in Brief
EMU Trade Surplus Expands on Weak Import Rise
In the EMU, both import and export gains were modest in January...
U.S. JOLTS: Job Openings Remain Abundant
The Bureau of Labor Statistics reported that the total job openings rate increased to 4.8% during January...
U.S. Industrial Production Edges Higher
Industrial production increased a less-than-expected 0.1% (3.5% y/y) during February...
Empire State Manufacturing Index Retreat Suggests Continued Slow Growth
The Empire State Manufacturing Index of General Business Conditions fell to 3.7 this month...
EMU Inflation Trends Are Still Weak
The EMU HICP for February gained 0.1%, the same as in January, after a 0.2% decline in December...
by Tom Moeller July 17, 2007
The producer price index for finished goods fell 0.2% last month following its 0.9% rise in May. The decline compared to Consensus forecasts for a 0.1% increase and it was the first decline since January.
Food prices fell 0.8% (+6.3% y/y) after May's 0.2% dip.
Energy prices, in addition, declined a sharp 1.1% (+4.3% y/y) as gasoline prices fell 3.9% (+3.8% y/y).Fuel oil dipped 0.5% (-0.6% y/y/y) but natural gas prices increased a hefty 2.6% (6.8% y/y), the firmest y/y increase since June 2006.
The core finished goods PPI increased 0.3%, bit more than the 0.2% May rise but the last two increases followed two months of unchanged readings during March and April. Consensus estimates were for a 0.2% increase in June.
Finished consumer goods prices less food & energy rose 0.3% (1.7% y/y) as passenger car prices rose 0.9% (-1.8% y/y) after an unchanged reading during May.
Capital equipment prices increased 0.2% (1.8% y/y) after unchanged prices during the prior two months. Most of the June increase was due to a 1.0% (0.8% y/y) in prices of light motor trucks.
Intermediate goods prices added 0.5% to the firm 1.1% increase during May.Intermediate food prices rose a large 1.6% (15.3% y/y), suggesting future strength in finished food prices. The index excluding food & energy prices rose the same 0.4% (2.7% y/y) as it did during May.
The crude materials PPI rose 0.3% (14.9% y/y), as energy prices rose 0.6% (8.5% y/y) and food prices rose 0.5% (27.1% y/y). The core crude materials PPI fell 0.2% (10.2% y/y) as copper scrap prices fell 6.6% NSA (+9.6% y/y) and aluminum scrap prices fell 2.3% NSA (-3.3% y/y).
| Producer Price Index | June | May | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Finished Goods | -0.2 | 0.9% | 3.2% | 2.9% | 4.9% | 3.6% |
| Core | 0.3 | 0.2% | 1.8% | 1.4% | 2.4% | 1.5% |
| Intermediate Goods | 0.5% | 1.1% | 3.4% | 6.4% | 8.0% | 6.6% |
| Core | 0.4% | 0.4% | 2.7% | 6.0% | 5.5% | 5.7% |
| Crude Goods | 0.3% | 2.0% | 14.9% | 1.4% | 14.6% | 17.5% |
| Core | -0.2% | 0.1% | 10.1% | 20.9% | 4.9% | 26.5% |
