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Economy in Brief
Philadelphia Fed Manufacturing Index Slips in April
The Philadelphia Fed reported manufacturing conditions weakened in April...
U.S. Leading Economic Indicators Improve
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (3.1% y/y) during March...
U.S. Business Inventories and Sales Growth Slows in February
Total business inventories increased 0.3% (4.9% year-on-year) during February...
U.S. Initial Claims for Unemployment Insurance Decrease 5,000 to Yet Another 50-Year Low
Initial claims for unemployment insurance decreased to 192,000 (-15.4% y/y) during the week ended April 13...
EMU PMIs Go on Hold in April
The EMU PMI composite index stalled April, at a still growth-indicating 51.3, the same level as in March...
by Robert Brusca August 5, 2008
Central banks are not having good luck with inflation. Of
course, critics will say that inflation fighting has little to do with
luck and that is true enough. The PPI is not a targeted rate by the ECB
so in some sense it can be anything and it doesn’t matter. But we know
it matters and that PPI prices feed into sectors and become costs for
consumer prices so a surging PPI is not good news at all.
| Euro Area and UK PPI Trends | ||||||
|---|---|---|---|---|---|---|
| M/M | Saar | |||||
| Euro Area -13 | Jun-08 | May-08 | 3-Mo | 6-Mo | Yr/Yr | Y/Y Yr Ago |
| Total excl Constructions | 0.9% | 1.2% | 12.8% | 11.1% | 8.0% | 2.3% |
| Excl Energy | 0.4% | 0.3% | 4.4% | 5.5% | 4.0% | 3.1% |
| Capital Goods | 0.2% | 0.2% | 2.5% | 3.0% | 2.0% | 1.9% |
| Consumer Goods | 0.2% | 0.1% | 2.1% | 3.6% | 4.5% | 1.6% |
| Intermediate & Capital Goods | 0.4% | 0.4% | 5.6% | 6.5% | 3.8% | 3.9% |
| Energy | 2.7% | 4.1% | 41.9% | 29.9% | 21.4% | -0.5% |
| MFG | 0.7% | 1.3% | 11.0% | 9.5% | 6.9% | 2.6% |
| Germany | 0.9% | 1.0% | 12.5% | 10.9% | 6.7% | 1.7% |
| Excl Energy | 0.3% | 0.4% | 3.9% | 4.5% | 3.0% | 2.8% |
| France | 0.7% | 1.3% | 11.7% | 9.2% | 7.3% | 1.9% |
| Excl Energy | 0.4% | 0.3% | 3.9% | 4.7% | 3.8% | 2.6% |
| Italy | 0.8% | 1.5% | 11.1% | 10.8% | 8.2% | 2.7% |
| Excl Energy | 0.5% | 0.2% | 5.1% | 6.4% | 4.2% | 3.2% |
| UK | 2.0% | 2.6% | 32.2% | 22.0% | 19.5% | 1.2% |
| Excl Energy | 0.8% | 1.4% | 12.9% | 11.3% | 7.2% | 2.9% |
| Euro Area 13 Harmonized PPI excluding Construction | ||||||
| The EA 13 countries are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia | ||||||
