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ECONOMIC REPORT: Energy, foods drive PPI up 1% in March; Core rate of wholesale inflation flat as truck prices fall
By Rex Nutting, MarketWatch Last Update: 8:30 AM ET Apr 13, 2007
WASHINGTON (MarketWatch) - Higher prices for food and energy pushed up producer prices by 1% in March, but core prices at the wholesale level were unchanged, the Labor Department reported Friday.
The 1% gain in the producer price index for finished goods exceeded the 0.8% expected by economists surveyed by MarketWatch. Those economists were expecting the core PPI - which excludes food and energy prices - to rise 0.2%.
It was the second straight gain of 1% or more in the PPI. The core rate, however, was the lowest since a 0.4% drop in October.
The report shows steady pressure on prices at the wholesale level and further back in the production pipeline, stemming from shortages in energy and food. But core inflation is moderating.
The PPI is up 3.2% in the past 12 months, the biggest year-over-year gain since August. The core PPI is up 1.7% in the past year, down from 1.8% in the 12 months ending in February.
One key future indicator of inflation continued to moderate. The year-over-year rate for core intermediate goods destined for further processing fell to 3.5% from 3.7%.
The government will report on the consumer price index on Tuesday. The CPI is weighted more toward services and less to goods.
Details
Wholesale energy prices soared 3.6% in March, the biggest increase since November. Gasoline prices rose 8.7%, while residential natural gas prices rose 3.3%.
Food prices rose by 1.4%, the fourth straight month of 1%-plus gains, fed by severe weather in some growing regions and the diversion of corn to producing ethanol for fuel. Fresh vegetable prices rose 13.5%. Beef prices rose 4.1% and dairy prices rose 1.9%. Corn prices, however, fell 1.3% after jumping 16% in February.
Prices of wholesale capital equipment fell 0.1%. Light truck prices dropped 1.2%, continuing the saw-tooth pattern of big gains followed by big losses, Computer prices fell 2.6%, the most in five months.
Prices of intermediate goods rose 1%, led by a 4.1% increase in energy and a 1.7% gain in foods. Core intermediate prices rose 0.2%, including a record 12.7% increase in fertilizer materials.
Prices of crude goods rose 3.2%, led by basic industrial materials, which jumped 7.7%. Crude energy goods prices rose 1.7%, as crude oil prices fell 1.3%. Foodstuffs prices rose 2.4% on large increases in vegetables, chickens, milk and cattle. Basic industrial supplies
ECONOMIC REPORT: U.S. trade gap narrows for third straight month; Imports fall for third straight month, first time since 2001
By Greg Robb, MarketWatch Last Update: 8:30 AM ET Apr 13, 2007
WASHINGTON (MarketWatch) - The U.S. trade gap improved for the third straight month in February, indicating that the deficit would be mildly positive for first quarter growth.
The trade deficit narrowed 0.7% to $58.4 billion in February, the Commerce Department reported Friday.
The trade gap in January was revised down slightly to $58.9 billion, compared with the initial estimate of $59.1 billion.
Economists had expected the trade gap to widen. The consensus forecast of Wall Street economists was for the deficit to widen to $60.1 billion.
The recent improvement in the trade gap has had a positive effect on growth in gross domestic product. The trade balance contributed 1.6 percentage points to fourth quarter growth and Friday's report indicates that the deficit would add to growth in the first quarter.
The one factor that analysts didn't anticipate was the dramatic improvement in the petroleum deficit in February. The petroleum deficit narrowed 15.9% to $18.3 billion, its lowest level since June 2005.
There was a drop in petroleum import prices and the volume of oil imported in the month.
The U.S. imported 252.9 million barrels of crude oil in February, or 9.0 million barrels per day, compared with 320.1 million or 10.3 million barrels per day, in January.
The average price per barrel of oil fell to $50.71 in February, its lowest level since December 2005, from $52.23 in January.
In February, exports narrowed 2.2% to $124 billion. This is the largest single month decline in exports since December 2002.
Imports narrowed 1.7% to $182.4 billion, the third straight month of declining imports. This is the first three-month drop in imports since the spring and summer of 2001.
Economists said imports are softening along with U.S. domestic demand.
In February, the drop in imports was led by crude oil and capital goods. There was an increase in imports of consumer goods.
Exports of goods alone fell 2.9% to $88.4 billion.
All major subcategories of exports declined except for agricultural products. Exports of capital goods fell 5.8% in February. Exports of civilian aircraft fell 7.4%.
The U.S. trade deficit with China was $18.4 billion in February, compared with $13.8 billion in the same month last year, but down from $21.3 billion in January.
Imports from China at $23.1 billion were the lowest since May 2006.
In the last week, the Bush Administration has taken a tougher stand with China on trade issues.
The White House has requested that the Geneva-based WTO begin dispute-resolution consultations over complaints that China has failed to make adequate changes in its enforcement of anti-piracy laws.
An IMF report said the softening U.S. economy is having its biggest impact on Canada and Mexico.
The U.S. trade gap with Canada in February was the lowest since December 2003.
By Rex Nutting, MarketWatch Last Update: 8:30 AM ET Apr 13, 2007
WASHINGTON (MarketWatch) - Higher prices for food and energy pushed up producer prices by 1% in March, but core prices at the wholesale level were unchanged, the Labor Department reported Friday.
The 1% gain in the producer price index for finished goods exceeded the 0.8% expected by economists surveyed by MarketWatch. Those economists were expecting the core PPI - which excludes food and energy prices - to rise 0.2%.
It was the second straight gain of 1% or more in the PPI. The core rate, however, was the lowest since a 0.4% drop in October.
The report shows steady pressure on prices at the wholesale level and further back in the production pipeline, stemming from shortages in energy and food. But core inflation is moderating.
The PPI is up 3.2% in the past 12 months, the biggest year-over-year gain since August. The core PPI is up 1.7% in the past year, down from 1.8% in the 12 months ending in February.
One key future indicator of inflation continued to moderate. The year-over-year rate for core intermediate goods destined for further processing fell to 3.5% from 3.7%.
The government will report on the consumer price index on Tuesday. The CPI is weighted more toward services and less to goods.
Details
Wholesale energy prices soared 3.6% in March, the biggest increase since November. Gasoline prices rose 8.7%, while residential natural gas prices rose 3.3%.
Food prices rose by 1.4%, the fourth straight month of 1%-plus gains, fed by severe weather in some growing regions and the diversion of corn to producing ethanol for fuel. Fresh vegetable prices rose 13.5%. Beef prices rose 4.1% and dairy prices rose 1.9%. Corn prices, however, fell 1.3% after jumping 16% in February.
Prices of wholesale capital equipment fell 0.1%. Light truck prices dropped 1.2%, continuing the saw-tooth pattern of big gains followed by big losses, Computer prices fell 2.6%, the most in five months.
Prices of intermediate goods rose 1%, led by a 4.1% increase in energy and a 1.7% gain in foods. Core intermediate prices rose 0.2%, including a record 12.7% increase in fertilizer materials.
Prices of crude goods rose 3.2%, led by basic industrial materials, which jumped 7.7%. Crude energy goods prices rose 1.7%, as crude oil prices fell 1.3%. Foodstuffs prices rose 2.4% on large increases in vegetables, chickens, milk and cattle. Basic industrial supplies
ECONOMIC REPORT: U.S. trade gap narrows for third straight month; Imports fall for third straight month, first time since 2001
By Greg Robb, MarketWatch Last Update: 8:30 AM ET Apr 13, 2007
WASHINGTON (MarketWatch) - The U.S. trade gap improved for the third straight month in February, indicating that the deficit would be mildly positive for first quarter growth.
The trade deficit narrowed 0.7% to $58.4 billion in February, the Commerce Department reported Friday.
The trade gap in January was revised down slightly to $58.9 billion, compared with the initial estimate of $59.1 billion.
Economists had expected the trade gap to widen. The consensus forecast of Wall Street economists was for the deficit to widen to $60.1 billion.
The recent improvement in the trade gap has had a positive effect on growth in gross domestic product. The trade balance contributed 1.6 percentage points to fourth quarter growth and Friday's report indicates that the deficit would add to growth in the first quarter.
The one factor that analysts didn't anticipate was the dramatic improvement in the petroleum deficit in February. The petroleum deficit narrowed 15.9% to $18.3 billion, its lowest level since June 2005.
There was a drop in petroleum import prices and the volume of oil imported in the month.
The U.S. imported 252.9 million barrels of crude oil in February, or 9.0 million barrels per day, compared with 320.1 million or 10.3 million barrels per day, in January.
The average price per barrel of oil fell to $50.71 in February, its lowest level since December 2005, from $52.23 in January.
In February, exports narrowed 2.2% to $124 billion. This is the largest single month decline in exports since December 2002.
Imports narrowed 1.7% to $182.4 billion, the third straight month of declining imports. This is the first three-month drop in imports since the spring and summer of 2001.
Economists said imports are softening along with U.S. domestic demand.
In February, the drop in imports was led by crude oil and capital goods. There was an increase in imports of consumer goods.
Exports of goods alone fell 2.9% to $88.4 billion.
All major subcategories of exports declined except for agricultural products. Exports of capital goods fell 5.8% in February. Exports of civilian aircraft fell 7.4%.
The U.S. trade deficit with China was $18.4 billion in February, compared with $13.8 billion in the same month last year, but down from $21.3 billion in January.
Imports from China at $23.1 billion were the lowest since May 2006.
In the last week, the Bush Administration has taken a tougher stand with China on trade issues.
The White House has requested that the Geneva-based WTO begin dispute-resolution consultations over complaints that China has failed to make adequate changes in its enforcement of anti-piracy laws.
An IMF report said the softening U.S. economy is having its biggest impact on Canada and Mexico.
The U.S. trade gap with Canada in February was the lowest since December 2003.
- Mensagens: 1620
- Registado: 17/11/2005 1:02
13:30 Dados States
8:30 AM ET
U.S. Feb. trade gap with China $18.4 bln vs $13.8 bln yr-ear
U.S. Feb. exports down 2.2% from Jan., biggest since Dec '02
U.S. imports down for 3 months in Feb, first time since 2001
U.S. Jan. trade gap rev $58.9 bln vs $59.1 prev est
U.S. Feb. trade gap below consensus of $60.1 bln
U.S. March PPI crude goods prices up 3.2%
U.S. intermediate core PPI up 3.5% in past 12 months
U.S. PPI up 3.2% in past 12 months
U.S. March intermediate core PPI up 0.2%
U.S. March PPI foods prices up 1.4%
U.S. March PPI energy prices up 3.6%
U.S. March core PPI flat vs. up 0.2% expected
U.S. March PPI up 1.0% vs. 0.8% expected
U.S. Feb. trade gap with China $18.4 bln vs $13.8 bln yr-ear
U.S. Feb. exports down 2.2% from Jan., biggest since Dec '02
U.S. imports down for 3 months in Feb, first time since 2001
U.S. Jan. trade gap rev $58.9 bln vs $59.1 prev est
U.S. Feb. trade gap below consensus of $60.1 bln
U.S. March PPI crude goods prices up 3.2%
U.S. intermediate core PPI up 3.5% in past 12 months
U.S. PPI up 3.2% in past 12 months
U.S. March intermediate core PPI up 0.2%
U.S. March PPI foods prices up 1.4%
U.S. March PPI energy prices up 3.6%
U.S. March core PPI flat vs. up 0.2% expected
U.S. March PPI up 1.0% vs. 0.8% expected
- Mensagens: 1620
- Registado: 17/11/2005 1:02
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