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ECONOMIC REPORT: PPI rises 0.7% on energy, but the core is flat; Wholesale food prices rise 0.4%, smallest gain in five months
By Rex Nutting, MarketWatch Last Update: 8:30 AM ET May 11, 2007
WASHINGTON (MarketWatch) - Higher energy prices pushed up wholesale prices by 0.7% in April, but core inflation was tame again, the Labor Department reported Friday.
The producer price index for finished goods rose 0.7% in April, driven by a 3.4% increase in energy prices. Wholesale gasoline prices rose 8.2%.
Outside of energy, however, price gains were more moderate. Food prices rose 0.4%, the smallest gain in four months.
Excluding both food and energy goods, wholesale prices for finished goods were unchanged in April. Car prices fell 1%. Capital equipment prices rose 0.1%, including a 3.8% increase in heavy truck prices.
The 0.7% gain in overall inflation was larger than the 0.5% expected by economists surveyed by MarketWatch, but the flat reading on the core rate came in below the 0.2% gain expected.
The report keeps the pressure on the Federal Reserve to remain vigilant on inflation, even as the economy shows signs of slowing. The PPI is not the Fed's focus; the real issue is what consumer prices do. The PPI measures prices in the production pipeline, not at the retail level.
The government will report on the consumer price index on Tuesday. It's expected to rise 0.6% for overall inflation, and 0.3% for core inflation excluding food and energy prices.
The Fed left interest rates unchanged on Wednesday and signaled that interest rates could be steady at 5.25% for quite a while. The Federal Open Market Committee said that inflation - not slow growth - is its main concern.
Details
The PPI has swung wildly in the past eight months, driven largely by movements in energy prices. The PPI rose 1% in March and 1.3% in February. Wholesale prices are up 3.2% in the past 12 months.
Core prices have been unchanged two months in a row. Core wholesale prices are up 1.5% in the past 12 months, the lowest gain since October.
Inflationary pressures were mixed further back in the production process. Prices for intermediate goods rose 0.9%, with the core intermediate PPI rising 0.8%, the most in a year.
The core intermediate PPI is up 3.6% in the past year after bottoming at 3.5% in March. The Fed watches the core intermediate PPI closely for signs of inflationary pressures in the production pipeline.
Prices of metals surged; for instance, prices of copper and brass mill shapes increased 15.8%. Intermediate foods and feeds prices rose 0.5%, led by a 3.1% gain in flour and a 3% increase in chickens.
Prices for crude goods fell 1.5% as energy prices fell 4.9%. Prices of crude foodstuffs increased 1.3%. Potatoes increased 129%, slaughter hogs rose 7%, and milk rose 5.3%.
ECONOMIC REPORT: U.S. April retail sales sink 0.2%
By Greg Robb, MarketWatch Last Update: 8:30 AM ET May 11, 2007
WASHINGTON (MarketWatch) - U.S. retail sales fell a weaker-than-expected 0.2% in April, the Commerce Department estimated Friday.
This was the biggest decline in retail sales since last September.
Excluding autos, retail sales were flat.
Excluding both autos and gas, retail sales were down 0.2%
Economists were expecting a soft report, but not this weak. The average forecast in a MarketWatch survey called for a 0.3% rise in retail sales in April. Excluding autos, sales were expected to rise 0.5%.
But there was a hint on Thursday that retail sales might be weaker than expected, when most large U.S. chain stores reported miserable April sales results, hurt by unseasonable weather and an early Easter holiday in March.
The report may be a sign that consumer spending is slowing, which would have significant ramifications on the outlook for economic growth in coming quarters. Consumer spending has remained strong over the past six months even as the economy slowed. Spending rose at a 3.8% pace in the first quarter and a 4.2% pace in the fourth quarter.
In one bright spot, sales in March were revised higher. Retail sales increased a revised 1.0% in March, compared with the initial estimate of a 0.7% gain. Sales excluding autos were revised up 1.1%, compared with the previous estimate of a 0.8% increase.
Retail sales are up 3.2% in the past 12 months. Excluding autos, sales are up 3.7%. The figures do not include price changes.
The weakness in April sales spilled over from home improvement products into many other sectors.
Sales at building material stores fell 2.3% in April, which was the biggest drop since February 2003.
Sales at general-merchandise stores fell 1.2%, while clothing store sales fell 2.0%. Department store sales fell 2.1% in April.
Sales at leisure-time goods stores fell 0.8%.
But the weakness was not across-the-board. Several sectors showed a rise in sales.
Nonstore retailer's sales rose 1.8%.
Furniture-store sales increased 1.2%, while electronics-store sales rose 0.7%.
Gasoline station sales increased 1.7%, boosted by the high price at the pump.
Sales at stores offering health and personal care goods jumped 0.9%.
Sales at food stores rose 0.5%, but restaurant sales fell 0.1%.
By Rex Nutting, MarketWatch Last Update: 8:30 AM ET May 11, 2007
WASHINGTON (MarketWatch) - Higher energy prices pushed up wholesale prices by 0.7% in April, but core inflation was tame again, the Labor Department reported Friday.
The producer price index for finished goods rose 0.7% in April, driven by a 3.4% increase in energy prices. Wholesale gasoline prices rose 8.2%.
Outside of energy, however, price gains were more moderate. Food prices rose 0.4%, the smallest gain in four months.
Excluding both food and energy goods, wholesale prices for finished goods were unchanged in April. Car prices fell 1%. Capital equipment prices rose 0.1%, including a 3.8% increase in heavy truck prices.
The 0.7% gain in overall inflation was larger than the 0.5% expected by economists surveyed by MarketWatch, but the flat reading on the core rate came in below the 0.2% gain expected.
The report keeps the pressure on the Federal Reserve to remain vigilant on inflation, even as the economy shows signs of slowing. The PPI is not the Fed's focus; the real issue is what consumer prices do. The PPI measures prices in the production pipeline, not at the retail level.
The government will report on the consumer price index on Tuesday. It's expected to rise 0.6% for overall inflation, and 0.3% for core inflation excluding food and energy prices.
The Fed left interest rates unchanged on Wednesday and signaled that interest rates could be steady at 5.25% for quite a while. The Federal Open Market Committee said that inflation - not slow growth - is its main concern.
Details
The PPI has swung wildly in the past eight months, driven largely by movements in energy prices. The PPI rose 1% in March and 1.3% in February. Wholesale prices are up 3.2% in the past 12 months.
Core prices have been unchanged two months in a row. Core wholesale prices are up 1.5% in the past 12 months, the lowest gain since October.
Inflationary pressures were mixed further back in the production process. Prices for intermediate goods rose 0.9%, with the core intermediate PPI rising 0.8%, the most in a year.
The core intermediate PPI is up 3.6% in the past year after bottoming at 3.5% in March. The Fed watches the core intermediate PPI closely for signs of inflationary pressures in the production pipeline.
Prices of metals surged; for instance, prices of copper and brass mill shapes increased 15.8%. Intermediate foods and feeds prices rose 0.5%, led by a 3.1% gain in flour and a 3% increase in chickens.
Prices for crude goods fell 1.5% as energy prices fell 4.9%. Prices of crude foodstuffs increased 1.3%. Potatoes increased 129%, slaughter hogs rose 7%, and milk rose 5.3%.
ECONOMIC REPORT: U.S. April retail sales sink 0.2%
By Greg Robb, MarketWatch Last Update: 8:30 AM ET May 11, 2007
WASHINGTON (MarketWatch) - U.S. retail sales fell a weaker-than-expected 0.2% in April, the Commerce Department estimated Friday.
This was the biggest decline in retail sales since last September.
Excluding autos, retail sales were flat.
Excluding both autos and gas, retail sales were down 0.2%
Economists were expecting a soft report, but not this weak. The average forecast in a MarketWatch survey called for a 0.3% rise in retail sales in April. Excluding autos, sales were expected to rise 0.5%.
But there was a hint on Thursday that retail sales might be weaker than expected, when most large U.S. chain stores reported miserable April sales results, hurt by unseasonable weather and an early Easter holiday in March.
The report may be a sign that consumer spending is slowing, which would have significant ramifications on the outlook for economic growth in coming quarters. Consumer spending has remained strong over the past six months even as the economy slowed. Spending rose at a 3.8% pace in the first quarter and a 4.2% pace in the fourth quarter.
In one bright spot, sales in March were revised higher. Retail sales increased a revised 1.0% in March, compared with the initial estimate of a 0.7% gain. Sales excluding autos were revised up 1.1%, compared with the previous estimate of a 0.8% increase.
Retail sales are up 3.2% in the past 12 months. Excluding autos, sales are up 3.7%. The figures do not include price changes.
The weakness in April sales spilled over from home improvement products into many other sectors.
Sales at building material stores fell 2.3% in April, which was the biggest drop since February 2003.
Sales at general-merchandise stores fell 1.2%, while clothing store sales fell 2.0%. Department store sales fell 2.1% in April.
Sales at leisure-time goods stores fell 0.8%.
But the weakness was not across-the-board. Several sectors showed a rise in sales.
Nonstore retailer's sales rose 1.8%.
Furniture-store sales increased 1.2%, while electronics-store sales rose 0.7%.
Gasoline station sales increased 1.7%, boosted by the high price at the pump.
Sales at stores offering health and personal care goods jumped 0.9%.
Sales at food stores rose 0.5%, but restaurant sales fell 0.1%.
- Mensagens: 1620
- Registado: 17/11/2005 1:02
13:30 Dados States
8:30 AM ET, May 11, 2007 - 1 minute ago
U.S. April PPI car prices fall 1%
U.S. PPI energy prices up 3.4%, food prices up 0.4%
U.S. PPI up 3.2% in the past year; core PPI up 1.5%
U.S. April crude goods PPI falls 1.5%
Intermediate, crude metals prices rise in April
U.S. April core PPI flat vs. 0.2% gain expected
U.S. April PPI up 0.7% vs. 0.5% expected
U.S. April retail sales ex-auto, gas lowest since June '05
U.S. April retail sales ex-auto and ex-gas down 0.2%
U.S. April core intermediate PPI up 0.8%, most in a year
U.S. April retail sales ex-gasoline down 0.4%
U.S. April retail sales biggest decline since Sept. '06
U.S. March retail sales revised to up 1.0% vs 0.7 prev
U.S. April retail sales ex-autos flat vs up 0.5% expected
U.S. April retail sales down 0.2% vs up 0.3% expected
U.S. April PPI car prices fall 1%
U.S. PPI energy prices up 3.4%, food prices up 0.4%
U.S. PPI up 3.2% in the past year; core PPI up 1.5%
U.S. April crude goods PPI falls 1.5%
Intermediate, crude metals prices rise in April
U.S. April core PPI flat vs. 0.2% gain expected
U.S. April PPI up 0.7% vs. 0.5% expected
U.S. April retail sales ex-auto, gas lowest since June '05
U.S. April retail sales ex-auto and ex-gas down 0.2%
U.S. April core intermediate PPI up 0.8%, most in a year
U.S. April retail sales ex-gasoline down 0.4%
U.S. April retail sales biggest decline since Sept. '06
U.S. March retail sales revised to up 1.0% vs 0.7 prev
U.S. April retail sales ex-autos flat vs up 0.5% expected
U.S. April retail sales down 0.2% vs up 0.3% expected
- Mensagens: 1620
- Registado: 17/11/2005 1:02
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