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Economy in Brief
Wholesale Inventories Grow While Sales Decline
Wholesale inventories increased 0.8% month-on-month (6.9% year-over-year) during October...
U.S. Consumer Credit Usage Expands
Consumer credit outstanding increased $25.38 billion during October...
German IP Takes Surprising October Slip
Germany's industrial production slowed to a gain of only 0.1% in September then dropped by 0.5% in October...
U.S. Trade Deficit Widens to 10-Year High; Record Goods Shortfall
The U.S. trade deficit in goods and services widened for the fifth consecutive month to $55.49 billion in October...
U.S. ADP Private Sector Payroll Growth Eases
The ADP National Employment Report indicated that private nonfarm payrolls increased 179,000 during November...
by Robert Brusca August 24, 2007
Longer view shows price pressures dissipating in Germany.
On the month, German export and import prices were subdued but over three months some pressures are evident. But broader year-over-year trends do seem to have turned a corner. Excluding petroleum export and import prices are moving lower: fast for imports, slower for exports. Domestically, producer prices excluding energy are ever so gradually losing momentum, while consumer prices are slow in showing declines after having stepped up their pace sharply early in 2007. Internationally, excluding petroleum, trends are generally milder than their domestic counterparts.
| M/M % Change | % SAAR | ||||||
| SA | Jul-07 | Jun-07 | May-07 | 3-Mo | 6-Mo | 12-Mo | Yr-Ago |
| Export Prices | -0.1% | 0.3% | 0.3% | 1.9% | 1.5% | 1.6% | 2.6% |
| Import Prices | 0.1% | 1.1% | 0.5% | 6.9% | 5.6% | 0.4% | 6.2% |
| NSA | |||||||
| Exports ex Petrol | 0.1% | 0.1% | 0.1% | 1.1% | 1.5% | 1.7% | 2.5% |
| Imports ex Petrol | -0.4% | 0.0% | 0.0% | -1.5% | 0.0% | 0.6% | 4.3% |
| Memo: SA | |||||||
| CPI | 0.3% | 0.0% | 0.2% | 1.8% | 2.5% | 1.8% | 2.0% |
| CPI ex energy | 0.2% | 0.0% | 0.1% | 1.1% | 1.5% | 1.8% | 1.2% |
| PPI | -0.1% | 0.3% | 0.3% | 2.0% | 1.9% | 1.1% | 6.0% |
| PPI ex energy | 0.1% | 0.4% | 0.2% | 2.6% | 2.6% | 2.5% | 3.0% |
