FOMC Minutes
Jul 16, 2:38 PM EDT |
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| The U.S. international trade deficit widened in April, as a jump in imports outweighed a rise in exports. |
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| The information reviewed at the June meeting indicated that economic activity had remained soft in recent months. Manufacturing activity had deteriorated, business investment in equipment appeared to have moved down, and residential construction had continued its steep descent. Labor market conditions had weakened further, and consumer sentiment was at historical lows, but despite these developments, consumer spending appeared resilient. |
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Crude, Gasoline and Distillate Inventories Gain
Jul 16, 10:52 AM EDT |
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| Distillate fuel inventories increased by 3.2 million barrels, and are in the upper half of the average range for this time of year. |
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| U.S. commercial crude oil inventories increased by 3.0 million barrels from the previous week. At 296.9 million barrels, U.S. crude oil inventories are near the lower boundary of the average range for this time of year. Total motor gasoline inventories increased by 2.4 million barrels last week, and are in the upper half of the average range. Both finished gasoline inventories and gasoline blending components inventories increased last week. |
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Industrial Production Rebounds 0.5% in June
Jul 16, 9:55 AM EDT |
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| The production of consumer goods increased 0.7% in June. |
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| Industrial production advanced 0.5% in June after having fallen 0.2% in May. Industrial production for the second quarter as a whole dropped 3.1% from the first quarter. Manufacturing output gained 0.2% in June and was boosted by a jump of 5.4% in the output of motor vehicles and parts; activity resumed at motor vehicle parts and assembly plants that had been idled by a strike that began in late February and ended in late May. |
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Consumer Price Index Increases 1.1% in June
Jul 16, 9:02 AM EDT |
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| The food index rose 0.8% in June after rising 0.3% in May. |
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| The CPI-U advanced 1.1% in June, following a 0.6% increase in May. The index for energy rose sharply for the second straight month, increasing 6.6% in June following a 4.4% increase in May. |
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Bernanke Cautious Remarks, Inflation Risks
Jul 15, 9:26 AM EDT |
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| The decline in the foreign exchange value of the dollar has also contributed somewhat to the increase in oil prices. |
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| Inflation has remained high, running at nearly a 3.5% annual rate over the first five months of this year as measured by the price index for personal consumption expenditures. And, with gasoline and other consumer energy prices rising in recent weeks, inflation seems likely to move temporarily higher in the near term. |
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Business Inventories Rise 0.3% in May
Jul 15, 10:44 AM EDT |
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| The total business inventories/sales ratio based on seasonally adjusted data at the end of May was 1.24. The May 2007 ratio was 1.26. |
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| Manufacturers’ and trade inventories, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $1,479.3 billion, up 0.3% from April 2008 and up 5.2% from May 2007. |
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Retail Sales Increase 0.1% in June
Jul 15, 9:19 AM EDT |
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| Total sales for the April through June 2008 period were up 2.6% from the same period a year ago. |
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| The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $384.2 billion, an increase of 0.1% from the previous month and 3% above June 2007. The April to May 2008 percent change was revised from +1% to +0.8%. |
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Producer Price Index Rises 1.8% in June
Jul 15, 9:06 AM EDT |
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| The index for energy goods climbed 6% in June after rising 4.9% in May. |
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| The Producer Price Index for Finished Goods increased 1.8% in June, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. This increase followed advances of 1.4% in May and 0.2% in April. At the earlier stages of processing, prices received by producers of intermediate goods rose 2.1% in June after moving up 2.9% in the prior month, and the crude goods index increased 3.7% following a 6.7% gain in May. |
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Trade Deficit Narrows in May
Jul 11, 9:26 AM EDT |
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| May imports were $0.7 billion more than April imports of $216.7 billion. |
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| The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total May exports of $157.5 billion and imports of $217.3 billion resulted in a goods and services deficit of $59.8 billion, down from $60.5 billion in April, revised. May exports were $1.4 billion more than April exports of $156.2 billion. |
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Import and Export Prices Rise in June
Jul 11, 9:15 AM EDT |
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| The U.S. Import Price Index rose 2.6% in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 2.6% advance in May and was led by a continuing rise in petroleum prices. The price index for exports increased 1% in June after rising 0.4% in May. |
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