- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller August 16, 2016
Pricing power waned during July. The consumer price index remained unchanged (0.8% y/y), as expected in the Action Economics Forecast Survey, following two months of 0.2% increase. Prices excluding food & energy nudged 0.1% higher (2.2% y/y) after three months of 0.2% rise. A 0.2% increase had been expected.
A 1.6% decline (-10.9% y/y) in energy prices followed four consecutive months of strong increase. Gasoline prices fell 4.7% (-19.9% y/y) to the lowest level in three months. Fuel oil costs eased 1.3% (-17.8% y/y) after a 3.3% rise. Electricity prices posted a 0.5% increase (-1.0% y/y) while natural gas costs jumped 3.1% (-0.4% y/y).
Food prices posted little change (0.2% y/y) following declines in three of the prior four months. Meat prices declined 0.9% (-4.7% y/y) while egg prices fell 0.6% (-29.0% y/y). Dairy & related product prices were off 0.4% (-3.1% y/y) and cereal & bakery product prices eased 0.2% (-0.8% y/y). Offsetting these declines, fruit & vegetable prices increased 0.3% (1.4% y/y) and nonalcoholic beverage prices gained 0.3% (-0.5% y/y).
Core goods prices eased 0.1% (-0.6% y/y), down for the fifth consecutive month. Furniture & bedding prices declined 0.5% (-3.0% y/y) and recreational product prices fell 0.4% (-3.5% y/y). Appliance prices also were off 0.3% (-2.7% y/y), and education & communication product prices fell 0.3% (-3.9% y/y). To the upside were apparel prices by 0.9% (0.3% y/y) and new vehicle prices by 0.2% (-0.0% y/y). Medical care product prices rose 0.4% (3.6% y/y).
Core services prices improved 0.2% (3.1% y/y) after three months of 0.3% gain. Medical care service prices rose 0.5% (4.1% y/y). Owners' equivalent rent of primary residences increased 0.3% (3.3% y/y) and rents also improved 0.3% (3.8% y/y). Recreation services prices gained 0.1% (3.1% y/y), but tuition fees fell 0.1% (+2.7% y/y). Transportation services prices declined 0.2% (+3.0% y/y).
The consumer price data is available in Haver's USECON database while detailed figures can be found in CPIDATA. The expectations figure is from Action Economics and is found in the AS1REPNA database.
Monetary Policy in a Low R-star World is the title of yesterday's speech by John C. Williams, President & CEO of the Federal Reserve Bank of San Francisco and it is available here.
|Consumer Price Index, All Urban Consumers (%)||Jul||Jun||May||Jul Y/Y||2015||2014||2013|
|Total less Food & Energy||0.1||0.2||0.2||2.2||1.8||1.7||1.8|
|Goods less Food & Energy||-0.1||-0.2||-0.2||-0.6||-0.5||-0.3||-0.0|
|Services less Energy||0.2||0.3||0.3||3.1||2.6||2.5||2.4|