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- ** Australia building activity and value of private construction have changed reference year from Q3:15-Q2:16 to Q3:16-Q2:17.**
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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
Empire State Manufacturing Activity Weakens Sharply
The Empire State Manufacturing Index of General Business Conditions declined to 3.9 in January...
U.S. Prices of Energy Products Are Mixed
Gasoline prices averaged a fairly steady $2.25 per gallon this past week (-12.1% y/y)...
EMU Trade Balance Stays Stubbornly Large
The EMU trade balance widened to 15.1 billion euros in November from 13.5 billion euros in October...
FIBER: Industrial Commodity Prices Exhibit Broad-based Weakness
The FIBER Industrial Materials Price Index has been weakening since late-June...
by Tom Moeller May 14, 2015
The overall Final Demand Producer Price Index declined 0.4% during April (-1.3% y/y) following an unrevised 0.2% March increase. It was the fifth decline in the last six months. A 0.2% uptick was expected in the Action Economics Forecast Survey. Prices excluding food & energy fell 0.2% (+0.8% y/y) following a 0.2% rise. It was the third decline in four months and contrasted with expectations for a 0.1% rise.
Final demand goods prices (34% of the total index) fell 0.7% (-5.5% y/y), led lower by a 2.9% decline in energy prices (-24.0% y/y). Gasoline prices fell 4.7%, the first decline in three months, leaving them down 41.4% y/y. Home heating oil prices also declined by 3.0% (-39.7% y/y). Residential natural gas prices fell 2.7% (-16.4% y/y), increasing only twice during the last year, and electric power costs eased 0.3% (+1.7% y/y). Food prices dropped 0.9% (-4.2% y/y), down for the fifth straight month. Egg prices were off 25.3% (-20.7% y/y) and dairy product prices declined 0.8% (-16.2% y/y). Beef & veal prices fell 0.5% (+13.1% y/y).
Final demand prices for goods excluding food & energy edged 0.1% lower (+0.3% y/y) and they've been unchanged since July. Passenger car prices were off 0.8% (+1.4% y/y) while furniture prices were unchanged, up 2.0% y/y. Light motor truck prices slipped 0.1% (+2.7% y/y). Private capital equipment prices were unchanged (1.3% y/y).
Services prices (64% of the total index) eased 0.1% (+0.9% y/y), the third decline in four months. Final demand trade services prices fell 0.8% (+1.0% y/y). Prices for transportation of passengers were unchanged (-3.3% y/y). Prices for transportation and warehousing of goods slipped 0.1% (-1.4% y/y), falling for the last five months.
Inching up by 0.1% for the third straight month (1.7% y/y) were construction prices for final demand (2% of the total index).
Intermediate demand prices of processed goods declined 1.1% (-7.8% y/y), the ninth straight monthly decline. Services prices for intermediate demand increased 0.5% (1.8% y/y). Construction prices improved 0.1% (1.6% y/y).
The PPI data are contained in Haver's USECON database with further detail in PPI and PPIR. The expectations figures are available in the AS1REPNA database.
| Producer Price Index (SA, %) | Apr | Mar | Feb | Apr Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Final Demand | -0.4 | 0.2 | -0.5 | -1.3 | 1.6 | 1.3 | 1.9 |
| Excluding Food & Energy | -0.2 | 0.2 | -0.5 | 0.8 | 1.7 | 1.5 | 1.9 |
| Goods | -0.7 | 0.3 | -0.4 | -5.5 | 1.3 | 0.8 | 1.7 |
| Foods | -0.9 | -0.8 | -1.6 | -4.2 | 3.2 | 1.7 | 3.0 |
| Energy | -2.9 | 1.5 | 0.0 | -24.0 | -1.0 | -0.8 | 0.2 |
| Goods Excluding Food & Energy | -0.1 | 0.2 | -0.1 | 0.3 | 1.5 | 1.1 | 1.8 |
| Services | -0.1 | 0.1 | -0.5 | 0.9 | 1.8 | 1.6 | 1.9 |
| Construction | 0.1 | 0.1 | 0.1 | 1.7 | 3.0 | 1.8 | 2.9 |
| Intermediate Demand - Processed Goods | -1.1 | -0.1 | -0.6 | -7.8 | 0.6 | 0.0 | 0.5 |
