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Economy in Brief
EMU and Japan; EMU Flash PMIs Make Small Recovery
PMIs in June in the EMU area showed some respite from the steady decline in recent months...
French Manufacturing Gives Steady Signal As Services Edge Ahead
The French manufacturing sector gives a steady signal in June but at a level that is off-peak...
U.S. Leading Economic Indicators' Rate of Increase Eases
The Conference Board's Composite Index of Leading Economic Indicators improved 0.2% (6.1% y/y) during May...
Philadelphia Fed Factory Conditions Plunge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index retreated to 19.9 during June...
U.S. FHFA House Price Index Improves Minimally
The FHFA U.S. house price index nudged 0.1% higher (6.4% y/y) during April...
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 | ||||||
