Economic Reports 01/12/07
Summary: According to the government, retail sales finishing the year on a decent note, despite what the retailers reported last week. Who do you believe?
As the housing sector slows, building materials sales continue to fall. Import and export prices getting an energy price shock and business inventory growth continues to outstrip sales.
It does not appear that the Fed will be lowering rates anytime in the near future.
Retail Sales Dec +0.9% vs prior revised down +0.6% Full Report
Inside the number: the best gain in 5 months led by gasoline price increases and electronics sales +3%, ex auto +1%, ex-gasoline +0.6%, . For the year sales +6% vs 2005 +6.9% .
Building materials and gardening stores, -1.1% vs prior -0.5%, falling for 5 straight months.
Import Prices Dec +1.1% vs revised down prior +0.5% Full Report
Inside the number: led by imported petroleum prices +4.8%, their biggest increase in 7 months, ex-petroleum prices +0.4%, ex all fuels prices +0.2%.
Imported natural gas prices +10.1% vs prior +43.2%, despite this on the year natural gas prices -29%. YOY import prices +2.5%.
Export Prices Dec +0.7% vs prior +0.1%, their largest increase in 6 months. YOY export prices +4.6%.
Business Inventories Nov +0.4% vs prior +0.4% Full Report
Inside the number: Sales are up 4.0% in the past year, while inventories are up 6.9%.
As the housing sector slows, building materials sales continue to fall. Import and export prices getting an energy price shock and business inventory growth continues to outstrip sales.
It does not appear that the Fed will be lowering rates anytime in the near future.
Retail Sales Dec +0.9% vs prior revised down +0.6% Full Report
Inside the number: the best gain in 5 months led by gasoline price increases and electronics sales +3%, ex auto +1%, ex-gasoline +0.6%, . For the year sales +6% vs 2005 +6.9% .
Building materials and gardening stores, -1.1% vs prior -0.5%, falling for 5 straight months.
Import Prices Dec +1.1% vs revised down prior +0.5% Full Report
Inside the number: led by imported petroleum prices +4.8%, their biggest increase in 7 months, ex-petroleum prices +0.4%, ex all fuels prices +0.2%.
Imported natural gas prices +10.1% vs prior +43.2%, despite this on the year natural gas prices -29%. YOY import prices +2.5%.
Export Prices Dec +0.7% vs prior +0.1%, their largest increase in 6 months. YOY export prices +4.6%.
Business Inventories Nov +0.4% vs prior +0.4% Full Report
Inside the number: Sales are up 4.0% in the past year, while inventories are up 6.9%.
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