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Economy in Brief
U.S. Leading Economic Indicators Strengthen
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (7.0% y/y) during September...
Philadelphia Fed Manufacturing Growth Continues; Pricing Pressure Eases
The Philadelphia Federal Reserve reported that its General Factory Sector Business Conditions Index dipped to 22.2 during October...
U.S. Initial Claims for Unemployment Insurance Ease
Initial claims for unemployment insurance fell to 210,000 (-8.7% y/y) during the week ended October 13...
U.K. Retail Sales: Doing Well-As-Can-Be-Expected Despite September Drop
U.K. retail sales and growth have all held up remarkably well- so far...
U.S. Housing Starts Decline
Total housing starts fell 5.3% during September to 1.201 million units (AR)...
by Tom Moeller May 12, 2011
The U.S. producer price index for finished goods increased 0.8%
during April, similar to the 0.7% March gain. The rise was stronger than
the 0.6% Consensus expectation and the y/y increase of 6.6% was its
strongest since September 2008. Less food & energy, pricing pressures
remained firm. The 0.3% gain in the PPI less food & energy equaled the
March increase. The latest also beat Consensus expectations for a 0.2%
rise and the 2.1% y/y gain was its strongest since August 2009.
Higher energy prices continued to drive the overall PPI with a 2.5% gain (20.6% y/y) as gasoline prices increased a not seasonally adjusted 8.9% (38.7% y/y). Since the late-2008 low, gasoline prices have more-than-doubled. Home heating oil prices also were strong, posting a 6.1% increase (37.6% y/y). Natural gas prices rose a moderate 1.5% (0.6% y/y) while electricity prices gained 0.6% (3.1% y/y). Food prices posted a moderate 0.3% rise but the y/y increase remained strong at 5.1%. Meat prices (15.8% y/y) and dairy product prices (15.5% y/y) firmed further.
Finished consumer goods prices rose a stronger 0.9% (8.5% y/y) with the gain in food & energy costs. Core prices rose 0.3% (2.8% y/y). Furniture prices rose 2.1% y/y, the strongest gain since 2009 but appliance prices slipped 0.1% m/m (0.5% y/y). Men's apparel prices increased 2.3% y/y but women's clothing prices rose just 0.7%. Capital goods prices increased 0.3% last month and by an accelerated 1.3% y/y, the most since August 2009.
Intermediate goods prices jumped another 1.3% as energy prices increased 1.9% (20.4% y/y). Food prices also strengthened by 1.8% (14.3% y/y). Core-intermediate prices remained firm and rose another 1.1% (5.6% y/y). Crude materials prices jumped 4.0% (23.5% y/y). Strength in factory output lifted prices less food & energy prices by 2.6% (18.2% y/y. Metal prices remained strong. Crude energy prices rose 4.8% (20.6% y/y) while food prices rose 4.0% (29.7% y/y).
The PPI data are contained in Haver's USECON database with further detail in PPI and PPIR. The expectation figure is available in the AS1REPNA database.
| Producer Price Index (%) | Apr | Mar | Feb | Apr Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Finished Goods | 0.8 | 0.7 | 1.6 | 6.6 | 4.2 | -2.5 | 6.4 |
| Energy | 2.5 | 2.6 | 3.3 | 20.6 | 13.8 | -17.7 | 14.1 |
| Food | 0.3 | -0.2 | 3.9 | 5.1 | 3.9 | -1.4 | 6.8 |
| Less Food & Energy | 0.3 | 0.3 | 0.2 | 2.1 | 1.2 | 2.5 | 3.4 |
| Intermediate Goods | 1.3 | 1.5 | 2.0 | 9.4 | 6.4 | -8.4 | 10.3 |
| Less Food & Energy | 1.1 | 0.9 | 1.1 | 5.6 | 4.3 | -4.2 | 7.4 |
| Crude Materials | 4.0 | -0.5 | 3.4 | 23.5 | 21.4 | -30.3 | 21.5 |
| Less Food & Energy | 2.6 | -2.3 | 2.3 | 18.2 | 32.6 | -23.4 | 14.7 |
