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Economy in Brief

U.S. Wholesale Prices Post Broad-Based Declines
by Tom Moeller  June 13, 2014

The overall final demand Producer Price Index declined 0.2% (+2.0% y/y) during May following an unrevised 0.6% April increase. It was the first decline since February and compared to expectations for a 0.1% gain in the Action Economics Forecast Survey. Also declining were producer prices excluding food & energy. Their 0.1% slip (+2.0% y/y) compared to an expected 0.1% uptick.

Final demand prices for goods (35% of the total index) slipped 0.2% (+1.9% y/y) after a 0.6% increase. Both consumer food and energy goods prices fell 0.2%. Finished goods prices excluding food & energy slipped 0.1% (+2.0% y/y). Private capital equipment prices increased 0.1% (1.3% y/y).

Final demand prices for construction notched 0.1% higher (3.2% y/y) following a 0.4% rise during April.

Final demand prices for services (63% of the total index) declined 0.2% (+2.2% y/y) after a  0.6% increase. Prices for transportation of passengers gained 0.8% (5.0% y/y) and added to a 2.8% April increase. Prices for transportation and warehousing of goods for final demand increased 0.9% (2.6% y/y).

Intermediate demand prices of processed goods slipped 0.1% (+1.3% y/y) after having been unchanged in April.

Measured using the old formula, which is being phased out as the headline series, producer prices were unchanged (2.5% y/y) after a 0.7% April increase. Food costs slipped 0.1% (+4.4% y/y) while energy prices fell 0.3% (+2.4% y/y). Prices excluding food & energy gained 0.1% (1.8% y/y).

The PPI data are contained in Haver's USECON database with further detail in PPI and PPIR. The expectations figure is available in the AS1REPNA database.

Producer Price Index (%) May Apr Mar May Y/Y 2013 2012 2011
Final Demand -0.2 0.6 0.5 2.0 1.3 1.9 3.9
  Excluding Food & Energy -0.1 0.5 0.6 2.0 1.5 1.9 --
     Goods -0.2 0.6 0.0 1.9 0.8 1.7 6.8
       Foods -0.2 2.7 1.1 4.3 1.7 3.0 8.5
       Energy -0.2 0.1 -1.2 2.2 -0.8 0.2 17.5
     Goods Excluding Food & Energy 0.0 0.3 0.0 1.4 1.1 1.8 3.4
   Services -0.2 0.6 0.7 2.2 1.6 1.9 2.1
   Construction 0.1 0.4 0.0 3.2 1.8 2.9 2.2
Intermediate Demand - Processed Goods -0.1 0.0 -0.2 1.3 0.0 0.5 8.9
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