According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on December 16, 2022, the number of new jobless claims was down by 20,000 to 211,000 during the week ending 10 December. Continued claims were up slightly (by 1,000) to 1.67 million for the week ending 3 December and the insured unemployment rate was 1.2%, unchanged from the previous week's revised rate.
U.S. consumer prices rose 0.1% in November and have risen an unadjusted 7.1% over the past 12 months. The core CPI which excludes volatile food and energy prices also rose in November - by 0.2% - and have grown by 6.0% over the past 12 months. The price of gasoline fell 2.0% but it has still risen 10.1% overall since November 2021. Prices for shelter, food at home, apparel, and rent all increased in November. Prices for electricity, natural gas, gasoline, used cars and trucks, medical care, and airline fares declined in November.
Import prices fell by 0.6% in November, the fifth consecutive decline. The decline was led by lower prices for imported fuels, but prices for nonfuel imports also edged lower. The BLS notes that prices were mixed for the major finished goods categories. A 2.5% decline in industrial supplies and materials was impacted by declines in fuels & lubricants and from metals for durable goods. Prices for U.S. exports fell 0.3% in November with increases in agricultural exports offset by decreases in nonagricultural exports. Compared to a year ago, import prices were up 2.7% Y/Y while export prices were up 6.3% Y/Y.
U.S. retail sales were down 0.6% in November according to the advance estimate published by BLS this week. Retail sales were up 6.5% compared to November 2021. Monthly sales were down in autos, furniture, electronics and appliances, building materials and home and garden supplies, gasoline, apparel, sporting goods and hobbies and general merchandise. Though gasoline was down on a monthly comparison, it remained up 16.2% compared to November 2021.
The nominal value of combined business inventories continued to expand in October, up 0.3% with gains at the manufacturing and wholesale levels while retailer inventories were drawn down. Combined business sales increased (0.8%). Sales increased across all segments but were more pronounced at the retail level in October. Compared to a year ago, business inventories were up 16.5% Y/Y while sales were up (10.1%). The inventories-to-sales ratio held steady at 1.33 in October. A year ago, the ratio was 1.25.
Industrial production slowed 0.2% in November to 104.5, a level 2.5% above the year before. This followed a 0.1% decline in October. Industrial production was lower across all major market groups and industry groups with the exception of utilities which rose 3.6% in the month. Capacity utilization moved down 0.2 percentage point in November to 79.7, a rate that is 0.1 percentage point above its long-run (1972-2021) average and 0.7 percentage point above the rate one year ago.
For More Information
ACC members can access additional data, economic analyses, presentations, outlooks, and weekly economic updates through MemberExchange.
In addition to this weekly report, ACC offers numerous other economic data that cover worldwide production, trade, shipments, inventories, price indices, energy, employment, investment, R&D, EH&S, financial performance measures, macroeconomic data, plus much more. To order, visit http://store.americanchemistry.com/.
Every effort has been made in the preparation of this weekly report to provide the best available information and analysis. However, neither the American Chemistry Council, nor any of its employees, agents or other assigns makes any warranty, expressed or implied, or assumes any liability or responsibility for any use, or the results of such use, of any information or data disclosed in this material.
Contact us at ACC_EconomicsDepartment@americanchemistry.com
About the Author
American Chemistry Council
The American Chemistry Council (ACC) represents the leading companies engaged in the multibillion-dollar business of chemistry. ACC members apply the science of chemistry to make innovative products, technologies and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health, safety and security performance through Responsible Care®; common sense advocacy addressing major public policy issues; and health and environmental research and product testing. ACC members and chemistry companies are among the largest investors in research and development, and are advancing products, processes and technologies to address climate change, enhance air and water quality, and progress toward a more sustainable, circular economy.
