Import prices last month about matched Consensus expectations and jumped 1.3%, although July's gain was revised lower to 0.8% from 1.1% reported initially.

Petroleum prices surged another 7.1% on top of a downwardly revised 6.1% spike in July. So far in September, Brent crude oil prices have averaged $65.00 and yesterday traded at $63.79/bbl. versus an average $64.10 in August.

Import prices other than petroleum were unchanged following three consecutive months of 0.2% decline. The July decline was revised deeper from 0.1%. Prices for nonauto consumer goods fell 0.2% (+1.1% y/y) for the second month and capital goods prices were unchanged (-0.4% y/y). Computer, peripheral & semiconductor prices rose 0.1% (-6.0% y/y). Excluding computers capital goods prices fell 0.1% (2.2% y/y) for the second consecutive month.

During the last ten years there has been a 66% (negative) correlation between the nominal trade-weighted exchange value of the US dollar vs. major currencies and the y/y change in non oil import prices. The correlation is a lower 47% against a broader basket of currencies and a lower 57% against the real value of the dollar.

Export prices slipped 0.1% as agricultural prices fell 0.6% (+6.6% y/y) and nonagricultural prices fell 0.1% (+2.7% y/y).

U.S. Jobs Gained and Lost through Trade: A Net Measure from the Federal Reserve Bank of New York is available here.

The Beige Book covering U.S. regional economic conditions from the Federal Reserve Board can be found here.