- Petroleum products led import prices higher, but capital goods also had an influence.
- Petroleum was also a factor on the export side; some stirring in food and capital goods.
Introducing
Michael J. Moran
in:Our Authors
Before joining Haver Analytics in 2025, Michael J. Moran was the chief economist of Daiwa Capital Markets America Inc. He was responsible for preparing the firm’s economic forecast and interest rate outlook. He traveled frequently to visit the clients of Daiwa Capital Markets and wrote weekly economic commentary. Mr. Moran also was involved in the flux of financial markets, as he spent a portion of each day on Daiwa’s trading floor interpreting economic statistics and Federal Reserve activity for traders and salespeople. Mr. Moran is quoted frequently in the financial press, and he appears regularly on cable news shows. He also has published articles in several journals and periodicals. Before joining Daiwa Capital Markets America, Mr. Moran worked as an economist at the Federal Reserve Board in Washington, D.C. where he analyzed a broad range of issues dealing with the financial sector of the economy and regularly briefed the Board of Governors. He was on the faculty of Pennsylvania State University from 1979 to 1980 and taught on a part-time basis at George Washington University from 1980 to 1987.
Mr. Moran received his Ph.D. in economics from Pennsylvania State University in 1980 and a B.S. in business administration from the University of Bridgeport in 1975. He was a CFA charter holder from 2002 until 2016.
Publications by Michael J. Moran
USA| Jun 16 2026Import and Export Prices: Firm in May
USA| Jun 10 2026May CPI: Another Jump in Energy Prices; Core Contained
- Gasoline prices drove the energy component higher again, but June might bring some relief.
- Little apparent pass through from energy to core.
USA| Jun 05 2026May Employment Report: Revival in the Labor Market
- Nonfarm payrolls post their third consecutive firm advance.
- Unemployment showed marginal improvement.
- Aircraft bookings fueled durable bookings in April, accenting solid gains in prior months.
- Petroleum prices inflated nondurable orders in April, but orders ex-petrol advanced as well.
USA| May 28 2026Personal Income, Consumption, and Prices in April: Consumers Soldier on Despite Inflation and Income Issues
- Food and energy prices rose sharply in April; core inflation slowed slightly, although it remained uncomfortable.
- With inflation stirring, real personal income has been soft in recent months.
- Despite softness in real income, consumers have not retrenched.
USA| May 26 2026Consumer Confidence: Slightly Lower in May
- Assessments of the present situation slipped, but views were still above long-run norms.
- Expectations improved slightly in April, but they are still below the long-run average.
USA| May 21 2026Housing Starts: Hints of Improvement
- March & April brought the best two-month performance since late 2023.
- Multi-family activity has led the advance; single-family activity lags.
USA| May 13 2026April PPI: Broad-Based Pressure
- The energy component led the sharp increase in the PPI, but it had support from many other areas.
- Excluding energy, most service prices rose sharply; prices of non-energy goods also were under pressure.
- The food component went against the grain with an increase of only 0.2%.
USA| May 12 2026April CPI: More Energy Pressure; Food and Core Uncomfortable
- The increase in gasoline prices slowed from the blistering pace in March, but April still brought the third sharpest increase in the past three years.
- Fluctuating food prices left a high-side average change in the past three months.
- The core component was distorted by an anomaly in rents, but the pace was still brisk excluding rents.
USA| May 08 2026April Employment: Signs of Improvement
- Nonfarm payrolls advance for the second consecutive month.
- Unemployment rate steady; average hourly earnings tame.
USA| May 05 2026Job Openings and Labor Turnover (JOLTS): Mixed Results in March
- Job openings were little changed...
- ...but hirings and layoffs picked up.
USA| Apr 30 2026Q1 GDP: Weathering the Challenges; Trend-Like Growth
- Robust business investment led the advance; moderate support from consumers.
- Government spending jumped with the reopening of most federal agencies.
- The trade sector remained volatile, making a sizeable negative contribution in Q1.
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