US: Core Inflation Continues Upward Track in April
While the modest gain in headline CPI was of little surprise, the 0.3 percent increase in core CPI was the strongest in nearly four years. Strengthening core inflation gives the Fed confidence in their...
View ArticleImport Prices Rebound on Higher Fuel Costs
Import prices increased 1.3 percent in May as fuel prices rebounded. The pullback in the dollar the past two months looks to have helped ease nonfuel import price deflation. Finally a Little Import...
View ArticleLed by Energy, Producer Prices Increase in May
Driven by the largest monthly gain in energy prices since 2009, the PPI for final demand increased a stronger-than-expected 0.5 percent in May. Excluding energy, prices rose a more modest 0.2 percent....
View ArticleFOMC Still Positioned For Imminent Rate Hike
As anticipated, the FOMC left interest rates and the forward guidance language unchanged. The reaffirmation of an improving medium-term outlook keeps expectations high that a rate hike will occur later...
View ArticleCPI Shows Inflation Picture Continuing to Improve
The Consumer Price Index (CPI) rose 0.4 percent in May, largely on the back of a rebound in gasoline prices. Core prices rose a more-modest 0.1 percent, but the trend has firmed since the start of the...
View ArticleImport Prices Slip Again in June
Import prices posted another decline in June, down 0.1 percent. The drop was driven by further pressure on nonfuel import prices, which fell 0.2 percent. That said, the pace of declines have moderated...
View ArticleProducer Price Index Heats Up Heading Into Summer
The Producer Price Index for final demand rose 0.4 percent, with widespread gains across goods and services components. Although prices remain down 0.7 percent from a year earlier, the recent trend is...
View ArticleUS: Consumer Inflation Advances in June
Led by solid gains in energy, food and shelter costs, headline CPI increased 0.3 percent in June. Within core CPI, price pressures are beginning to broaden beyond shelter, conducive for a Fed rate hike...
View ArticlePrivate Sector Compensation Costs Slow Sharply in Q2
Compensation costs slowed markedly in Q2, increasing just 0.2 percent. Weakness appears concentrated among incentive paid workers, but still may raise doubts among the FOMC as to the strength of wage...
View ArticleWill Inflation Preclude a September Liftoff?
Inflation Chartbook: August 2015 Persistently weak inflation has been the biggest impediment to the Fed’s plan to begin normalizing monetary policy this year, in our view. Inflation has risen over the...
View ArticleModest Productivity Rebound in Q2
Breaking a two-quarter slide, nonfarm productivity increased at a 1.3 percent annual rate in Q2 as output growth offset a rise in hours worked. Unit labor cost pressures moderated after a recent strong...
View ArticleUS: Import Prices Remain Suppressed in July
Led by petroleum, import prices declined 0.9 percent in July. Anticipation of further dollar appreciation will continue to pressure import price inflation lower in the near-term. Dollar Appreciation...
View ArticleProducer Price Inflation Climbs More Slowly in July
Tempered by a moderate decline in energy, PPI-final demand inflation rose 0.2 percent in July. Maintaining the trend, core final demand price inflation also increased 0.2 percent on the month....
View ArticleUS: Consumer Price Inflation Decelerates in July
Following relatively strong gains in recent months, headline and core CPI recorded a lower-than-expected 0.1 percent rise in July. In our opinion, the soft report does not dissuade the Fed from a...
View ArticleImport Price Inflation Slides Further in August
Against the backdrop of dollar strength and further weakness in oil, import prices fell in August. The nearterm outlook is unlikely to change materially, suggesting inflation pressures from abroad will...
View ArticleProducer Price Inflation Remains Subdued in August
On a mixed performance throughout the report, headline producer prices were unchanged in August. The divergence between goods and services prices remain and, on net, provides little upward inflation...
View ArticleConsumer Prices Remain Tame in August
As we expected, lower gasoline prices weighed on headline inflation in August. Excluding food and energy, consumer prices are holding up and support the Fed’s outlook that inflation will gradually...
View ArticleArchitectural Billings Fall in August
Marking reduced billing activity for the first time in four months, the Architecture Billings Index fell in August. Details in the report were mixed and point to a potential cooling in the pace of...
View ArticleUS: mport Prices Slip in September
Import prices dipped o.1 percent in September. Led by a decline in nonfuel industrial supplies and capital goods, import prices illustrate the divide between the industrial and consumer segments of the...
View ArticleProducer Price Inflation Remains Subdued in September
Led by energy, headline producer prices fell a greater-than-expected 0.5 percent last month. Core producer prices also fell on the month, reflecting the broad based weakness of the September report....
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