NAM: Manufacturing (CONT’D FROM PAGE 8)
ticularly as higher prices dampen their purchasing power and overall household finances. Consumer prices soared 1.3 percent in June, the fastest monthly increase since September 2005. Growth in food and energy costs remained very solid, up 1.0 percent and 7.5 percent in June, respectively, with gasoline prices up 11.2 percent. Excluding food and energy, core consumer prices rose 0.7 percent in June. The Consumer Price Index has risen 9.1 percent over the past 12 months, the fastest year-over-year pace since November 1981. At the same time, core inflation (which ex- cludes food and energy) increased 5.9 percent year-over- year in June. The current forecast is for year-over-year growth in the CPI to be 6.4 percent at year’s end, with core inflation at 5.2 percent. Producer prices for final demand goods and services rose 1.1 percent in June. At the same time, producer prices for final demand goods increased 2.4 percent in June, the
Meanwhile, retail sales increased 1.0 percent in June. Gasoline station spending rose 3.6 percent, pushed high- er by increased prices, with 49.1 percent growth over the past 12 months. Excluding gasoline station sales, retail spending increased 0.7 percent. The data were largely positive across the board, sug- gesting that consumer spending remains somewhat re- silient despite numerous challenges. The real issue is whether that strength will continue moving forward, or if Americans will be spooked by inflation and an uncertain economic outlook. Along those lines, the Index of Consumer Sentiment edged up from a record low 50.0 in June to 51.1 in July in preliminary data. Despite marginal progress in the head- line number, consumers remain very anxious, with senti- ment near the lowest readings in the survey’s history, par-
strongest rise since March. For the month, energy prices jumped 10.0 percent, but with food costs edging up just 0.1 percent. Ex- cluding food and energy, producer prices for final demand goods increased 0.5 per- cent in June. Over the past 12 months, producer pric- es for final demand goods and services jumped 11.3 percent, the highest rate since March’s 11.6 percent pace, which was the largest increase on record. Core producer prices increased 6.4 percent year-over- year, decelerating for the third straight month from the record 7.1 percent in March but remaining highly elevated. Manufacturers cite rising raw materials costs as their top challenge, followed close- ly by supply chain and workforce challeng- es, with the very significant pace of price growth in this data over the past year help- ing to explain why. AF&PA Releases June 2022 Packaging Papers Report AF&PA has released its June 2022 Packag- ing Papers & Specialty Packaging Monthly report. Total packaging papers & specialty packaging shipments in June decreased four percent compared to June 2021. They were essentially flat when compared to the same 6 months of 2021. The operating rate was 86.4 percent, down 4.7 points from June 2021 and essentially flat (+0.2 pts.) year-to-date. Mill inventories at the end of June remained essentially flat (-182 short tons) from the previous month and were up 9,000 short tons compared to June 2021.
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10 July 25, 2022
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