Tag Archives: gas prices
Retail Sales Drop on Chilly Weather and Cooling Economy
Retail sales dropped 0.4% on a drop in vehicle sales and falling prices at the pump. This suggests that much of the rise in vehicle sales that we saw in March was due to a recovering housing market or to business investment rather than pent-up consumer demand. Pickup trucks are the workhorses of the single-family [...]
Consumer Prices Temporarily Surge on Gas Prices
The Consumer Price Index (CPI) jumped 0.7% in February; almost three quarters of that gain can be attributed to a 9.1% surge in gasoline prices, which has since been reversed. We also saw increases in other energy measures that pushed up consumer prices during the month. Increases in food prices were much more benign;
PPI Boosted by Energy: Gain is Temporary
The producer price index (PPI) jumped 0.7%, on an outsized, 3% monthly surge in energy prices. Prices excluding food and energy rose a more moderate 0.2%. Food prices actually declined during the month; prices for fresh and dry vegetables plummeted 18%. Many in the food-producing industry have complained that they have been unable to fully [...]
Consumers Show Resilience in February
Consumer Shows Resilience in February Retail sales rose 1.1% in February, after being revised up in January. This gives credence to some of the recent strength in the broader stock indices and the importance to most households of rising housing prices. The increases in home prices have boosted household wealth and allowed consumers to spend [...]
January Incomes Plummet but Spending Edges Higher
Personal disposable incomes contracted at a whopping 4% monthly pace in January in response to a combination of hedging on tax hikes in December (which pulled income from January into December) and actual tax hikes on January 1. The expiration of the payroll tax holiday was a particularly large hit at the start of the [...]
CPI Flatlines on Lower Energy Prices
The consumer price index (CPI) was unchanged and continued to decelerate on a year-on-year basis in January. Almost all of the weakness in inflation, however, may be attributed to falling energy prices, particularly at the gas pump; those prices have done a 180-degree turnaround, rising since the survey was taken and crimping already-pinched consumer finances.
Retail Sales Tepid in January
Retail sales rose a tepid 0.1% in January, as declines in vehicle and furniture sales offset increases elsewhere. Much of the strength in retail spending at the end of 2012 was concentrated in vehicles and big-ticket items as victims of Superstorm Sandy began the process of repairing and replacing damaged cars, furniture and appliances. Spending [...]
Retail Sales Rise Slightly; Producer Price Inflation Benign
Retail sales rose 0.5% in December, after being revised up in November. Vehicle sales continued to drive overall gains; insurance claims for autos, following damages from Superstorm Sandy, were among the first to be paid. There were also strong gains in furniture sales, which no doubt got a boost from Sandy and some of the [...]
CPI Moderate on Energy Prices
The Consumer Price Index (CPI) fell 0.3% in response to falling energy prices. Gasoline prices dropped 7.4% in November, despite shortages on the East Coast in the wake of Superstorm Sandy. Again, the government and state agencies report that it is difficult to see effects associated with Sandy. It is notable, however, that emergency authorities [...]
Retail Sales Mixed on Sandy Disruptions; PPI Down on Energy
In November, retail sales increased 0.3% for the month, but were flat excluding auto sales. The Commerce Department reported that it was difficult to separate out the effects of Superstorm Sandy, as some stores were closed and even shut permanently by the storm, while others saw a surge in storm-related business. The composition of sales, [...]
Bloomberg asks Diane Swonk to explain Fed concern over unemployment
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