Global| Apr 11 2002Import Prices Up as Oil Prices Surge
by:Tom Moeller
|in:Economy in Brief
Summary
Prices for imported commodities rose more than expected last month. Consensus estimates were for a 0.5% gain. February figures were unrevised. Petroleum import prices surged by the most for any one month since early 1999, to the [...]
Prices for imported commodities rose more than expected last month. Consensus estimates were for a 0.5% gain. February figures were unrevised.
Petroleum import prices surged by the most for any one month since early 1999, to the highest level since September of last year.
Nonpetroleum import prices were unchanged and remained 11.3% below the peak set in 1995. Prices for capital goods, nonauto consumer goods and autos fell. Imported food prices rose slightly.
Export prices rose for the first time since January 2001 mostly due to higher prices for industrial materials.
| Import/Export Prices (NSA) | Mar | Feb | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Import - All Commodities | 1.1% | -0.1% | -5.7% | -3.5% | 6.5% | 0.9% |
| Petroleum | 15.7% | 3.0% | -13.6% | -17.2% | 66.5% | 34.2% |
| Nonpetroleum | 0.0% | -0.4% | -4.2% | -1.5% | 1.0% | -1.4% |
| Export - All Commodities | 0.3% | -0.2% | -2.4% | -0.8% | 1.6% | -1.3% |
by Tom Moeller April 11, 2002
Initial claims for unemployment insurance fell about as expected from the prior week's level that was revised up. Claims figures back to 1988 were revised.
Despite the weekly decline, filings for extended unemployment insurance benefits raised the initial claims figure and suggest a slow rate of rehiring.
Continuing claims for unemployment insurance again rose sharply in the latest week. The prior week's level was revised up.
The four-week moving average of claims rose sharply to 433,750, the highest level since mid-December.
The insured rate of unemployment rose to 2.9%.
| Unemployment Insurance (000s) | 04/06/02 | 03/30/02 | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Initial Claims | 438.0 | 493.0 | 10.3% | 405.8 | 299.8 | 297.7 |
| Continuing Claims | -- | 3,779 | 42.4% | 3,021 | 2,114 | 2,186 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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