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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
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The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
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 |