Global| Jan 10 2002Import Prices Fell a Record Amount in 2001
by:Tom Moeller
|in:Economy in Brief
Summary
Prices for imported commodities fell twice as much as expected last month, and by a record amount for all of last year. Petroleum import prices again collapsed, falling for the eighth month of the year. As of early January, crude oil [...]
Prices for imported commodities fell twice as much as expected last month, and by a record amount for all of last year.
Petroleum import prices again collapsed, falling for the eighth month of the year. As of early January, crude oil prices are up slightly versus December. The decline in petroleum prices was surpassed only slightly by that in 1998.
Nonpetroleum import prices also fell sharply, falling for the eleventh consecutive month. The decline in nonpetroleum import prices set a record last year.
Prices of importedproducts fell across the board last month, except for motor vehicles where they rose slightly.
Export prices fell for the tenth month of 2000. The decline for the year was surpassed in 1998.
| Import/Export Prices (NSA) | Dec '01 | Nov '01 | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Import - All Commodities | -0.9% | -1.4% | -8.9% | -3.5% | 6.5% | 0.9% |
| Petroleum | -6.3% | -11.4% | -38.5% | -17.0% | 66.5% | 34.1% |
| Nonpetroleum | -0.3% | -0.2% | -4.4% | -1.5% | 1.0% | -1.4% |
| Export - All Commodities | -0.2% | -0.4% | -2.5% | -0.8% | 1.6% | -1.3% |
by Tom Moeller January 10, 2002
Initial claims for unemployment insurance fell more than expected in the latest week. The prior week's level was revised up slightly.
The lower level of claims during the last three months clearly suggest recovery in the US labor market.
The four-week moving average of initial claims fell slightly to 410,500, the lowest level since late August.
Continuing claims for unemployment insurance dropped a sharp 4.5% from the prior week's level which was revised down slightly.
The insured rate of unemployment dropped sharply to 2.7%.
| Unemployment Insurance (000s) | 01/05/02 | 12/29/01 | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Initial Claims | 395.0 | 451.0 | 15.8% | 408.0 | 302.8 | 297.7 |
| Continuing Claims | -- | 3,529 | 45.6% | 3,031 | 2,127 | 2,187 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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