Tag: August

Largest Four-Month Lumber Price Increase in 70 Years Outweighs Other Price Declines in August

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Prices paid for goods used in residential construction continued their upward trend in August, increasing 0.9% (not seasonally adjusted) according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. It is the fourth consecutive monthly increase since the index declined three months straight and brings the index back to its pre-pandemic level. Prices of excluding energy increased 1.0% over the month.

The four-month increase is almost exclusively due to the dramatic rise in softwood lumber prices, which advanced 14.9% in August. Prices have increased nearly 50% since April, the largest four-month gain in the

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U.S. retail sales August 2020

U.S. consumer spending appeared to slow in August as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the Covid-19 recession was faltering.

Core retail sales, which correspond most closely with the consumer spending component of gross domestic product, fell 0.1% last month after a downwardly revised 0.9% increase in July, the Commerce Department said on Wednesday.

This category, which excludes automobiles, gasoline, building materials and food services, was previously reported to have advanced 1.4% in July. Economists polled by Reuters had forecast core retail sales rising 0.5% in August.

Overall retail

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