Mich. Sentiment, Import & Export Prices, Trade Deficit
Bad news: May Michigan Sentiment @ 79 falling from 87.4
Inside the number: Current conditions index @ 96.2 falling from 109.2, Expectations index @ 68.0 falling from 73.4, Bottom line: stagflation, rising gasoline prices and a labor market consisting of McJobs are finally sticking in peoples craw.
Worse news: April Import prices +2.1% vs prior -0.2%. Export prices +0.6% vs prior +0.2%
Inside the number: The largest increase in imported petroleum since Mar 05 +11.5% stoked the import price increase. Ex petroleum Import Prices FLAT.
April YOY: Overall import prices +5.9%; commodities spikes talking with nonpetroleum industrial supplies and materials prices +6.1%.
On the export side: Export prices increased for the 5th straight month. April YOY the price index for nonagricultural industrial supplies and materials +8.0%.
Bottom line: As witnessed above for both imports & exports, even with outsourced labor at the margin which resulted in declining import prices from Japan & China, the energy passthrough stagflation we are witnessing cannot be stopped. Full Report
Really, Really Bad News made to sound good by the Happy "Daze" Mediaspin Paxil for Lunch Bunch: March Trade deficit -5.6% down to $62 Billion from $65.6 Billion.
Inside the number: Media trumpet - The 1st time since Oct & Nov 03 that the deficit declined back to back. Despite higher imported oil costs and a March decline in exported aircraft the deficit declined.
Way inside the number and really bad news: The goods deficit with China increased from $13.8 billion in February to $15.6 billion in March, a 13% increase.
And it gets worse, the bulk of the increase in exports and imports was led categorically by industrial supplies and materials.
This means that the higher cost of inputs due to commodities stagflation has juiced the numbers on both sides of the equation. YOY on the export side +14%, on the import side (are you sitting down?) +24%.
But thats not all folks, it gets even worse. YOY Q106 Total Deficit increased 14%. Q106 compared to Q104 Total Deficit has increased (are you sitting down?) 41%!!!!
Full Report Full Spreadsheet(which few bother to glance at, because this is where the gory details are.)
A political epithet: Adding China and OPEC together constitutes 37% of our deficit. Think about it. Isn't it time that we pay more to manufacture goods and energy at home, rather than support and feed people who will never have our best interests at heart? When will we learn?
Inside the number: Current conditions index @ 96.2 falling from 109.2, Expectations index @ 68.0 falling from 73.4, Bottom line: stagflation, rising gasoline prices and a labor market consisting of McJobs are finally sticking in peoples craw.
Worse news: April Import prices +2.1% vs prior -0.2%. Export prices +0.6% vs prior +0.2%
Inside the number: The largest increase in imported petroleum since Mar 05 +11.5% stoked the import price increase. Ex petroleum Import Prices FLAT.
April YOY: Overall import prices +5.9%; commodities spikes talking with nonpetroleum industrial supplies and materials prices +6.1%.
On the export side: Export prices increased for the 5th straight month. April YOY the price index for nonagricultural industrial supplies and materials +8.0%.
Bottom line: As witnessed above for both imports & exports, even with outsourced labor at the margin which resulted in declining import prices from Japan & China, the energy passthrough stagflation we are witnessing cannot be stopped. Full Report
Really, Really Bad News made to sound good by the Happy "Daze" Mediaspin Paxil for Lunch Bunch: March Trade deficit -5.6% down to $62 Billion from $65.6 Billion.
Inside the number: Media trumpet - The 1st time since Oct & Nov 03 that the deficit declined back to back. Despite higher imported oil costs and a March decline in exported aircraft the deficit declined.
Way inside the number and really bad news: The goods deficit with China increased from $13.8 billion in February to $15.6 billion in March, a 13% increase.
And it gets worse, the bulk of the increase in exports and imports was led categorically by industrial supplies and materials.
This means that the higher cost of inputs due to commodities stagflation has juiced the numbers on both sides of the equation. YOY on the export side +14%, on the import side (are you sitting down?) +24%.
But thats not all folks, it gets even worse. YOY Q106 Total Deficit increased 14%. Q106 compared to Q104 Total Deficit has increased (are you sitting down?) 41%!!!!
Full Report Full Spreadsheet(which few bother to glance at, because this is where the gory details are.)
A political epithet: Adding China and OPEC together constitutes 37% of our deficit. Think about it. Isn't it time that we pay more to manufacture goods and energy at home, rather than support and feed people who will never have our best interests at heart? When will we learn?
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