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Economy in Brief
U.S. Empire State Manufacturing Index Plummets in August; Lowest Since May '20
The Empire State Manufacturing Index of General Business Conditions plunged to -31.3 in August...
U.S. Import and Export Prices Fall in July; Deepest Since April 2020
Import prices fell 1.4% m/m (8.8% y/y) in July...
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 15, 2020
• Oil prices increase firmly as nonpetroleum prices hold steady.
• Export price strength led by higher agricultural costs.
Import prices improved 0.1% (-1.0% y/y) during November following an unrevised 0.1% October slip. A 0.3% increase had been expected in the Action Economics Forecast Survey. During the last three months, import prices have risen 0.7% (AR). These figures are not seasonally adjusted and do not include import duties.
Petroleum & petroleum product import prices rose 2.1% last month (-27.0% y/y), after easing 0.1% in October, revised a 1.0% decline. September's figure also was revised to -6.1% from -6.8%. Nonpetroleum import prices were stable (1.6% y/y) after easing 0.1%, revised from unchanged. They rose 2.1% (AR) during the last three months after declining 1.8% in the second quarter.
Prices of industrial materials imports excluding petroleum rose 0.9% (6.8% y/y) after easing 0.1%. Foods, feeds & beverages prices fell 2.2% (+0.2% y/y) after gaining 0.1%. Capital goods prices improved 0.1% (1.3 y/y) after holding steady. Capital goods prices excluding computers rose 0.2% (1.7% y/y) the same as in September. Prices of computers & peripherals decreased 0.2% both m/m and y/y following two months of 0.4% decline. Nonauto consumer goods prices held steady (0.2% y/y) after easing 0.1%. Autos, parts & engine prices edged 0.1% lower (+1.0% y/y) for a second consecutive month.
Export prices strengthened 0.6% (-1.1% y/y) after an unrevised gain of 0.2% in October. A 0.3% increase had been expected in the Action Economics survey. Export prices rose 5.7% (AR) during the last three months.
Agricultural commodities export prices strengthened 3.7% (4.4% y/y), after gaining 3.4%. Nonagricultural export prices improved 0.3% (-1.7% y/y, following a 0.1% dip. Foods, feeds & beverage costs gained 3.7% (4.4% y/y), after rising 3.4%. Industrial materials prices jumped 1.3% (-5.3% y/y), after a 0.3% decline. Prices of exports of nonauto consumer goods fell 0.8% (-0.6% y/y), after rising 0.1% while automotive vehicles, parts and engines were up 0.2% (0.4% y/y) in November following a 0.3% improvement. Capital goods export prices edged 0.2% lower (+0.7% y/y).
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, %) | Nov | Oct | Sep | Nov Y/Y | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Imports - All Commodities | 0.1 | -0.1 | 0.2 | -1.0 | -1.3 | 3.1 | 2.9 |
Petroleum & Petroleum Products | 2.1 | -0.1 | -6.1 | -27.0 | -2.6 | 22.0 | 25.6 |
Nonpetroleum | 0.0 | -0.1 | 0.6 | 1.6 | -1.1 | 1.3 | 1.1 |
Exports - All Commodities | 0.6 | 0.2 | 0.6 | -1.1 | -0.9 | 3.4 | 2.4 |
Agricultural | 3.7 | 3.4 | 2.7 | 4.4 | -0.4 | 0.6 | 1.5 |
Nonagricultural | 0.3 | -0.1 | 0.3 | -1.7 | -0.9 | 3.7 | 2.5 |