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Economy in Brief
Kansas City Federal Reserve Factory Sector Weakens Further
The Kansas City Fed reported that its index of regional manufacturing business activity declined to -6 in August...
Globally Inflation Sinks As Japan's Inflation Languishes
Globally, inflation pressures continue to diminish...
U.S. Leading Economic Indicators Strengthen
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (1.6% y/y) during July...
U.S. Initial Unemployment Insurance Claims Decline Sharply
Initial unemployment insurance claims fell to 209,000 (-2.1% y/y) during the week ended August 17...
Some PMI Improvement But Not Much Change in Europe
EMU readings for August show a clear but minor sense of stabilization...
by Robert Brusca February 20, 2008
The German inflation picture remains a bit hotter than the ECB would have liked. With headline PPI inflation up by 0.7% the core was up by 0.4%. Over the past 12 months, headline MFG inflation is at 3.2% the same as it was a year ago. Excluding energy MFG inflation fell to 2.4% Yr/Yr from 3% a year ago.
Sequential growth rates show that ex energy inflation is very sticky above 2%. Meanwhile, headline inflation has continued to build pressures in terms of these sequential rates.
Basic goods prices rose by 0.7% in January and by 2.6% Yr/Yr. Capital goods prices rose by 0.1% and are higher Yr/Yr by 0.7%. Consumer goods prices rose by 0.5% in January but were up a strong 3.9% Yr/Yr. Energy prices were by 2.1% in January and by 5.9% Yr/Yr.
| Germany PPI | |||||||
|---|---|---|---|---|---|---|---|
| %m/m | %-SAAR | ||||||
| Jan-08 | Dec-07 | Nov-07 | 3-mo | 6-mo | 12-mo | 12-mo Year Ago | |
| MFG | 0.7% | 0.0% | 0.9% | 6.9% | 4.6% | 3.2% | 3.2% |
| Ex Energy | 0.4% | 0.1% | 0.1% | 2.2% | 2.2% | 2.4% | 3.0% |
