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Economy in Brief
Canadian Retail Sales Weaken As Inflation Slows
Canada's retail sales show relatively widespread deceleration...
U.S. Leading Economic Indicators Strengthen
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (7.0% y/y) during September...
Philadelphia Fed Manufacturing Growth Continues; Pricing Pressure Eases
The Philadelphia Federal Reserve reported that its General Factory Sector Business Conditions Index dipped to 22.2 during October...
U.S. Initial Claims for Unemployment Insurance Ease
Initial claims for unemployment insurance fell to 210,000 (-8.7% y/y) during the week ended October 13...
U.K. Retail Sales: Doing Well-As-Can-Be-Expected Despite September Drop
U.K. retail sales and growth have all held up remarkably well- so far...
by Robert Brusca August 27, 2007
Spain's price trends show tempered results only for investment goods. Overall PPI inflation is stronger over three months than for year/year trends. Intermediate goods trends are firm at around a 6% pace. Consumer goods price trends are accelerating.
The impact of these various trends on the overall PPI is depicted in the sequential growth rate chart on the left. Year/year inflation is ever so gradually edging lower. But over 6 months and 3 months, inflation has flared to a stronger pace and to a pace that is above the year/year pace. That is usually a prescription for year/year acceleration as well. While not the largest of the Euro economies, Spain is still significant. Its price trends will not be encouraging to the ECB. But then again this is only the PPI not the favored CPI measure (HICP).
| m/m | Saar | ||||||
| SPAIN | Jul-07 | Jun-07 | May-07 | 3-Mo | 6-Mo | Yr/Yr | Y/Y Yr Ago |
| Total | 0.3% | 0.4% | 0.6% | 5.4% | 4.9% | 2.3% | 6.4% |
| Consumer Goods | 0.2% | 0.2% | 0.0% | 6.9% | 2.9% | 1.8% | 3.5% |
| Intermediate Goods | 0.3% | 0.6% | 0.6% | 6.0% | 6.5% | 5.5% | 7.0% |
| Investment Goods | 0.2% | 0.0% | 0.4% | 2.1% | 2.7% | 3.0% | 2.4% |
| HIPPX Constructions | -- | 0.5% | 0.6% | #N/A | #N/A | #N/A | 6.4% |
