Global| Sep 14 2018U.S. Import and Export Prices Weaken
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices declined 0.6% (+3.7% y/y) during August following a 0.1% easing in July, revised from unchanged. A 0.2% decline had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted. [...]
Import prices declined 0.6% (+3.7% y/y) during August following a 0.1% easing in July, revised from unchanged. A 0.2% decline had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.
Weakness in import prices last month was led by a 3.9% decline (+33.0% y/y) in petroleum prices. Nonpetroleum import prices slipped 0.2% (+1.0% y/y) for a second straight month. Industrial supplies & materials costs fell 2.2% (+16.1% y/y) after a 0.1% easing. Prices excluding petroleum fell 1.0% (+6.0% y/y) after a 0.7% fall. Capital goods prices slipped 0.1% (+0.1% y/y) following no change. Motor vehicle & parts prices held steady (0.2% y/y) for the second straight month. Nonauto consumer goods prices also were stable (0.6% y/y) following a 0.3% gain.
Export prices eased 0.1% (+3.6% y/y) following a 0.5% decline. No change in prices had been expected.
Agricultural commodities prices improved 0.2% (-1.7% y/y) after falling 5.2%. Nonagricultural costs eased 0.2% (+4.1% y/y) following no change in July. Foods, feeds & beverage prices rose 0.6% (-1.7% y/y) following a 4.8% decline. The cost of industrial supplies & materials fell 0.6% (+9.4% y/y) after a 0.4% drop. Capital goods prices gained 0.2% (-1.9% y/y) after a 0.1% uptick. Motor vehicle & parts prices slipped 0.1% (+0.5% y/y) for a third straight month while nonauto consumer goods prices also eased 0.1% (+0.5% y/y) following no change.
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 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.6 | -0.1 | 0.1 | 3.7 | 2.9 | -3.3 | -10.2 |
| Petroleum & Petroleum Products | -3.9 | 0.7 | 2.8 | 33.0 | 26.6 | -19.7 | -46.0 |
| Nonpetroleum | -0.2 | -0.2 | -0.3 | 1.0 | 1.1 | -1.5 | -2.8 |
| Exports - All Commodities | -0.1 | -0.5 | 0.2 | 3.6 | 2.4 | -3.2 | -6.3 |
| Agricultural | 0.2 | -5.2 | -1.0 | -1.7 | 1.5 | -5.4 | -13.3 |
| Nonagricultural | -0.2 | 0.0 | 0.4 | 4.1 | 2.5 | -3.0 | -5.5 |
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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