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Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
U.S. Home Builder Index Improves
The NAHB -Wells Fargo Composite Housing Market Index rose to 58 during January...
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The MBA total Mortgage Applications Index increased 13.5% (1.4% y/y) during the week ended January 11...
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The headline Final Demand Producer Price Index using new methodology fell 0.2% during December...
Empire State Manufacturing Activity Weakens Sharply
The Empire State Manufacturing Index of General Business Conditions declined to 3.9 in January...
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% |
