Recent Updates
- US: Consumer Sentiment (Jan-prelim), Mfg & Trade Inventories & Sales (Nov), IP & Capacity Utilization, Adv Retail Sales, Producer Prices (Dec)
- US: Industrial Production Detail (Dec)
- US: Producer Price Indexes by Commodity Detail (Dec)
- more updates...
Economy in Brief
Empire State Manufacturing Index Declines in January
The Empire State Manufacturing Index of General Business Conditions decreased to 3.5 in January...
U.S. Industrial Production Continues Recovery
Industrial production advanced 1.6% in December...
U.S. PPI Rose 0.3% in December
The Producer Price Index for final demand rose 0.3% (0.8% y/y) in December...
U.S. Business Inventories Accumulate during November as Sales Weaken
Total business inventories increased 0.5% during November (-3.2% y/y)...
The EMU Trade Surplus Stabilizes
Both exports and imports have been regaining momentum...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 13, 2018
Import prices fell 1.6% (+0.7% y/y) during November following an unrevised 0.5% October rise. A 0.1% uptick had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.
The decline in import prices last month was led by a 12.1% drop (+4.4% y/y) in petroleum import costs which followed a 2.7% rise. Nonpetroleum import prices eased 0.3% during November (+0.4% y/y) and reversed October's 0.2% increase. Industrial supplies & materials costs declined 5.3%% (+3.2% y/y), with lower oil prices, as it followed a 1.4% rise. Industrial materials prices excluding petroleum ticked 0.1% higher (2.5% y/y) after a 0.5% increase. Capital goods prices eased 0.1% (-0.2% y/y) following stability during the prior month. Motor vehicle & parts prices held steady (+0.3% y/y) for the fourth month in the last five. Nonauto consumer goods prices also were unchanged (0.4% y/y) following a 0.3% decline.
Export prices declined 0.9% during November (+1.8% y/y) after a 0.5% gain, revised from 0.4%. A 0.4% decline in prices had been expected.
Agricultural commodities prices increased 1.8% last month (-1.7% y/y) after easing 0.2% in October. Nonagricultural costs declined 1.0% (+2.2% y/y) after a 0.5% rise. Foods, feeds & beverage prices improved 1.9% (-1.4% y/y) following a 0.2% gain. The cost of industrial supplies & materials weakened 3.0% (+4.0% y/y) after rising 1.4%. Excluding fuels & building materials, these prices slipped 0.2% (+2.5% y/y). Capital goods prices held steady (1.5% y/y) for the third straight month. Motor vehicle & parts prices eased 0.1% (+0.7% y/y) and have been little-changed for four consecutive months. Nonauto consumer goods prices also slipped 0.1% (+0.4% y/y) after holding steady for four straight months.
The import and export price series can be found in Haver's USECON database. Detailed figures are available in the USINT database. The expectations figure from the Action Economics Forecast Survey is in the AS1REPNA database.
Import/Export Prices (NSA, %) | Nov | Oct | Sep | Nov Y/Y | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Imports - All Commodities | -1.6 | 0.5 | 0.0 | 0.7 | 2.9 | -3.3 | -10.2 |
Petroleum & Petroleum Products | -12.1 | 2.7 | 0.0 | 4.4 | 26.6 | -19.7 | -46.0 |
Nonpetroleum | -0.3 | 0.2 | 0.1 | 0.4 | 1.1 | -1.5 | -2.8 |
Exports - All Commodities | -0.9 | 0.5 | 0.0 | 1.8 | 2.4 | -3.2 | -6.3 |
Agricultural | 1.8 | -0.2 | -1.2 | -1.7 | 1.5 | -5.4 | -13.3 |
Nonagricultural | -1.0 | 0.5 | 0.2 | 2.2 | 2.5 | -3.0 | -5.5 |