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Economy in Brief
U.S. Consumer Credit Growth Surges in June
Consumer credit outstanding jumped $40.1 billion (7.7% y/y) in June...
Japan's LEI Waffles and Slows
Japan's leading economic index in June slipped to 100.6...
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The U.S. trade deficit in goods and services (BOP basis) fell to $79.61 billion in June...
U.S. Unemployment Claims Remain on an Uptrend
Initial claims for unemployment insurance filed in the week ended July 30 rose 6,000 to 260,000...
RICS Survey Shows Weakening U.K. Housing Market
With the Bank of England hiking its key rate by 50 basis points and planning to squeeze its balance sheet...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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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% |