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Economy in Brief
U.S. Consumer Credit Outstanding Declines in January
Consumers reduced credit balances further in January...
U.S. Trade Deficit Widens to $68.2 Billion in January
The U.S. trade deficit in goods and services widened to $68.2 billion in January...
German Order Growth Gets Back in Gear Despite the Headwinds
German order growth is back in gear with total orders rising by 1.4% m/m in January...
U.S. Factory Orders & Shipments Rise Again in January
Manufacturing activity is strengthening. Factory orders rose 2.6% (2.8% y/y) in January...
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Gerald D. Cohen September 13, 2019
Import prices fell a greater-than-expected 0.5% during August (-2.0% year-on-year), following a downwardly revised 0.1% gain in July (was 0.2%). The Action Economics Forecast Survey expected a 0.4% decline in August. These figures are not seasonally adjusted and do not include import duties.
The decrease in import prices last month was driven by a 4.8% drop in petroleum import costs (-9.6% y/y). Nonpetroleum import prices were unchanged for the second consecutive month (-1.0% y/y). Among end-use categories, industrial supplies & materials costs excluding petroleum, motor vehicles & parts, and nonauto consumer goods prices all edged up 0.1% (-3.3%, -0.5%, and -0.4% y/y respectively). Capital goods prices were unchanged (-1.1% y/y). Meanwhile, foods, feed and beverage prices declined 0.3% (+1.2% y/y).
Export prices fell a greater-than expected 0.6% in August (-1.4% y/y), following an unrevised 0.2% gain in July. Forecasters anticipated -0.3%. Agricultural commodities prices dropped 2.5% last month (+0.5% y/y). Nonagricultural export costs declined 0.4% (-1.6% y/y). Industrial supplies & materials decreased 1.2% (-5.8% y/y). Motor vehicle & parts prices were down 0.2% (+0.3% y/y). Capital goods and nonauto consumer goods prices were both unchanged (+0.5% and +0.7% y/y respectively). Meanwhile, nonagricultural food (ie fish) & distilled beverage prices rose 1.4% (0.5% y/y).
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, %) | Aug | Jul | Jun | Aug Y/Y | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Imports - All Commodities | -0.5 | 0.1 | -1.1 | -2.0 | 3.1 | 2.9 | -3.3 |
Petroleum & Petroleum Products | -4.8 | 0.9 | -7.5 | -9.6 | 22.0 | 26.6 | -19.7 |
Nonpetroleum | 0.0 | 0.0 | -0.4 | -1.0 | 1.3 | 1.1 | -1.5 |
Exports - All Commodities | -0.6 | 0.2 | -0.6 | -1.4 | 3.4 | 2.4 | -3.2 |
Agricultural | -2.5 | 0.2 | 2.4 | 0.5 | 0.6 | 1.5 | -5.4 |
Nonagricultural | -0.4 | 0.2 | -0.9 | -1.6 | 3.7 | 2.5 | -3.0 |