Economic Summary - June 2009
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Consumer Price Index Continues Downward
June 8, 2009
The U.S. consumer price index (CPI) inched downward .02% in April from March and is down .62% from April 2008 indicating a small deflationary trend in the past year. Watch this indicator closely as it will move from deflationary to inflationary in the coming months.
Personal Income Drops
June 8, 2009
Personal income dropped slightly, .49%, in the first quarter of 2009 from the fourth quarter of 2008 despite an across-the-board pay increase given to all federal employees in January.
Personal Consumption Drops
June 8, 2009
Personal consumption increased slightly, .39%, in the first quarter of 2009 from the fourth quarter of 2008.
Unemployment Skyrocketed
June 8, 2009
The U.S. unemployment rate skyrocketed, up 5.6% to 9.4% in April from 8.9% rate in March. In the past year unemployment has risen 71%. Rates have not been this high since 1983 when rates declined from a high of almost 12%.
Oil Prices Top $50
June 8, 2009
The price of West Texas Crude finished May at $59.16, up almost $10 per barrel over the April price of $49.79. The price has continued to rise, closing at $71.18 for July delivery as of June 9.
U.S. Gross Domestic Product Down
June 8, 2009
Gross domestic product (GDP) dropped 1.6% in the first quarter of 2009 from the fourth quarter of 2008. GDP dropped 2.6% from the first quarter of 2008.
Industrial Production
June 8, 2009
The total output of U.S. factories and mines is a key economic indicator released monthly by the Federal Reserve Board. Industrial Production (IP) began dropping in January 2008 when it was at 112.34 and dropped to 97.07 in April of 2009 (13.6%). December 1998 was the last time IP dipped below 97.
Let me know if you have any comments, questions or suggestions. Write David W. Weatherholt at david@bnewsviews.com
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