Tag Archives: gas prices
Real GDP was revised down to 2.2% in the fourth quarter from an initial estimate of 2.6%. A sharp downward revision to inventories was the primary reason for the revision, which leaves less of an overhang for producers to drain in early 2015. Imports were also revised up, reflecting the phenomenal strength of consumer spending
The Consumer Price Index dropped 0.7% in January but only 0.1% from a year ago. Falling energy prices were the primary reason prices fell
Retail sales dropped 0.8% in January, due in part to yet another sharp decline (9.3%) in gasoline station sales, as prices at the gas pump continued to plummet. Big-ticket spending on vehicles, furniture and appliances also slackened from the pace we saw in December.
The U.S. trade deficit unexpectedly widened to $46.6 billion in December from $39.8 billion in November. The data for November were revised to show a slightly larger deficit than was initially reported. Exports fell, while imports picked up a bit. Much of that shift was concentrated in trade with Canada and Mexico,
Personal income rose 0.3% in December, significantly faster than the 0.3% decline posted in personal consumption expenditures. Much of the weakness, however, was concentrated in the vehicle sector, which surged earlier in the quarter. Moreover, prices fell by 0.2% between November and December, which means that incomes surged,
Real GDP rose a smaller-than-expected 2.6% in the fourth quarter largely due to a surge in consumer spending, which was at least partially offset by a larger-than-expected increase in imports. (Imports subtract from overall GDP growth.) The gains in consumer spending reflect recent increases in employment, incomes and the drop in prices at the pump.
Just over five million existing homes were sold in December, in line with expectations. December sales came in higher than November’s, which were revised down slightly. Comparisons for sales and prices were positive as total and single-family sales increased
The Consumer Price Index (CPI) dropped 0.4% in December, the largest drop since 2008, in large part due to plummeting oil prices. Energy prices outside of the oil and gasoline sectors, however, posted mostly increases, which look to be transitory and will retreat as we move into January. Prices for food moved higher and, outside [...]
Retail sales fell almost one full percentage point in the month of December and were revised lower for the month of November. Falling prices at the gas pump, which pushed down sales another 6.5% during the month, and more than 14% from a year earlier, were the primary culprit. Losses, however, were broad-based with declines [...]
The trade deficit narrowed more than expected again in November, with imports dropping more than exports. A fall in oil imports, due to the sharp drop in energy prices we have seen in recent months, was the primary reason for weakening imports. Exports were hurt by a drop in aircraft shipments,