Global| Dec 14 2017U.S. Import and Export Prices Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices rose increased 0.7% in November (3.1% y/y) following a 0.1% October uptick, revised from 0.2% reported initially. The latest gain matched expectations in the Action Economics Forecast Survey. These figures are not [...]
Import prices rose increased 0.7% in November (3.1% y/y) following a 0.1% October uptick, revised from 0.2% reported initially. The latest gain matched expectations in the Action Economics Forecast Survey. These figures are not seasonally adjusted.
The strength in import prices was led by a 7.2% jump (24.1% y/y) in petroleum prices. Nonpetroleum import prices inched 0.1% higher (1.4% y/y) for a second straight month. Industrial supplies & materials prices jumped 3.6% (14.1% y/y) after a 0.6% rise. Industrial supplies prices excluding petroleum gained 1.5% (8.2% y/y) following a 0.5% rise. Auto prices rose 0.1% (-0.5% y/y) after a 0.2% slip, while nonauto consumer goods prices also gained 0.1% (0.2% y/y) following two consecutive monthly declines. Capital goods prices held steady (0.6% y/y for a third straight month. Foods, feeds & beverage prices declined 1.7% (-0.4% y/y) after a 0.4% fall.
Export prices increased 0.5% last month (3.1% y/y) following a 0.1% uptick. A 0.3% rise had been expected.
Higher nonagricultural prices paced the increase with a 0.6% gain (3.2% y/y) after a 0.1% dip. Agricultural prices declined 0.6% (+2.1% y/y) after a 1.9% rise. Industrial supplies & materials costs gained 2.1% (8.0% y/y) following a 1.0% decline. Industrial supplies prices excluding fuels rose 1.8% (3.6% y/y) following a 0.3% drop. Foods, feeds & beverage prices declined 1.0% (+2.2% y/y) after a 2.1% rise. Capital goods prices eased 0.1% (+1.6% y/y), the first decline in over a year. Auto prices also slipped 0.1% (+0.4% y/y) after no change during the prior two months. Consumer goods prices excluding autos held steady (-0.7% y/y) after a 0.1% dip.
The import and export price series can be found in Haver's USECON database. Detailed breakdowns into individual types of commodities, equipment and many types of nondurable goods 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 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.7 | 0.1 | 0.8 | 3.1 | -3.3 | -10.2 | -1.1 |
| Petroleum | 7.2 | 0.5 | 6.5 | 24.1 | -19.7 | -46.0 | -5.6 |
| Nonpetroleum | 0.1 | 0.1 | 0.3 | 1.4 | -1.5 | -2.8 | 0.1 |
| Exports - All Commodities | 0.5 | 0.1 | 0.8 | 3.1 | -3.2 | -6.3 | -0.5 |
| Agricultural | -0.6 | 1.9 | -0.7 | 2.1 | -5.4 | -13.3 | -2.7 |
| Nonagricultural | 0.6 | -0.1 | 0.9 | 3.2 | -3.0 | -5.5 | -0.3 |
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.
More Economy in Brief
