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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Tuesday, August 19, 2014

July 2014 Consumer and Producer Price Indices (incl. Forest Products)

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The seasonally adjusted Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in July. The all items index posted its smallest seasonally adjusted increase since February; the indexes for shelter and food rose, but were partially offset by declines in the energy index and the index for airline fares. The food index rose 0.4 percent in July; the decrease in the energy index was its first since March and reflected declines in the indexes of all the major energy components.
The all items index increased 2.0 percent over the last 12 months, a slight decline from the 2.1 percent figure for the 12 months ending June. The index for all items less food and energy rose 1.9 percent over the last 12 months, the same figure as for the 12 months ending June. The energy index has increased 2.6 percent, and the food index has risen 2.5 percent over the span.
The seasonally adjusted Producer Price Index for final demand rose 0.1 percent in July. This increase followed a 0.4-percent advance in June and a 0.2-percent decline in May. On an unadjusted basis, the index for final demand climbed 1.7 percent for the 12 months ended in July.
In July, the 0.1 percent increase in final demand prices can be traced to the index for final demand services, especially truck transportation of freight. Prices for final demand goods were unchanged, as a 0.2 percent rise in the index for “core” goods (i.e., less foods and energy) and a 0.4 percent increase in prices for foods offset a 0.6 percent decline in the index for energy. 
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The price indices we track were mixed in July (relative to June). Compared to a year earlier, all indices were higher. The indices for Intermediate Materials; and Lumber & Wood Products set new highs in July. 
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The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

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