- Prices of food and energy declined in December, but service prices surged.
- Prices of goods excluding food and energy rose more than the recent average, but the change did little damage to the underlying trend.
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| Jan 29 2026Revised Productivity: No adjustment to Robust Growth in Q3
- Strong growth in output with little increase in labor input reinforced a firm underlying trend in productivity.
- Efficiency gains in Q3 more than offset growth in labor compensation.
USA| Jan 27 2026Consumer Confidence Tumbled in January
- Both expectations and assessments of the present situation contributed to the decline
- The index moved to a new low for the current cycle.
- A softening labor market played a role.
USA| Jan 15 2026Import & Export Prices: Generally Modest Changes
- Import prices have changed little in the past three years.
- Export prices were stable in 2023-24, but moved higher in 2025.
USA| Jan 14 2026Producer Prices: Range Bound Since Mid-2024
- Offsetting drifts in final demand for goods and services leave inflation steady at 3%.
- Inflation quickens for producers of intermediate goods and services.
USA| Jan 13 2026December CPI: Price Increases Quickened After Two Slow Months
- Not by enough to suggest that restraint in October and November reflected distortions from the government shutdown
- But by enough to suggest that October and November reflected normal volatility rather than the beginning of a slower trend.
USA| Jan 09 2026A Soft Tone in the Labor Market
- Modest job growth in December, and downward revisions in October & November.
- The unemployment rate, though, inched lower.
- Job openings have eased considerably from the elevated levels seen during the post-pandemic recovery, but they are in line with pre-pandemic norms.
- Businesses are not rushing to fill posted positions.
USA| Nov 20 2025Existing Home Sales: A (Faint) Pulse
-Sales rose for the third time in the past four months… -…but activity remains low by historical standards
USA| Nov 20 2025Unemployment Claims: Modest Changes
- Initial claims remain range bound at a low level
- Continued clams are drifting upward
USA| Oct 01 2025ISM Index: The Manufacturing Sector Continues to Struggle
- The production and employment components registered gains.
- But new orders disappointed.
USA| Aug 01 2025U.S. Construction: Sluggish in June
- Private building, both residential and nonresidential, drifting lower.
- Public construction hesitating after two strong years.
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