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The U.S. Bureau of Labor Statistics reported consumer prices increased a seasonally adjusted 0.9% in June, the largest 1-month increase since August 2008. The all items index increased 5.4%, the largest 12-month increase since August 2008. A third of the all items increase is attributed to a 10.5% increase in the index for used cars and trucks. In addition, indexes for new vehicles, airline fares, and apparel all increased. The food index gained 0.4%, up 2.4% over the past 12 months. Medical care and household furnishings and operations were among the few major component indexes which decreased. The index for all items less food and energy rose 0.9% in June after increasing 0.7% in May, the index has increased 4.5% over the past 12 months, the largest 12-month increase since the period ending November 1991. The energy index increased 1.5% in June, with the gasoline index increasing 2.5%, and natural gas rising 1.7%. The electricity index fell 0.3% after increasing 0.3% in May. The energy index is up 24.5% over the last 12-months. The gasoline index is up 45.1% since June 2020.
The US Energy Information Administration reported that US commercial crude oil stockpiles (excluding those in the Strategic Petroleum Reserve) decreased by 7.9M barrels from the previous week to 437.6M barrels for the week ending July 9. U.S. crude oil inventories are running about 8% below the five-year average for this time of year. Crude oil refinery inputs average 16.1 million barrels per day, a decrease of 22,000 barrels per day as compared to the previous week’s average. The EIA reported the gasoline supply increased by 1.0 M barrels and distillate inventories increased by 3.7M barrels, and are running about 1% below the five-year average for this time of year. Refineries operated at 91.8% of their operable capacity, as gasoline production declined to an average of 9.9M barrels per day. Crude oil imports came in at 6.2M barrels per day, an increase of 347,000 barrels per day as compared to the previous week. Total commercial petroleum inventories increased by 2.5M barrels last week.
The Commerce Department reported retail sales increased 0.6% to $621.3B in June, following a revised 1.7% decrease in May. Retail sales are tracking some 18.0% higher than June 2020. Total sales for April 2021 through June 2021 were up 31.5% year over year. Sales increases were reported in department stores (+5.9%), electronics and appliance retails (+3.3%) and clothing outlets (+2.6%), as well as at gas stations (+2.5%), and food service and drinking places (+2.3%). Sales decreases were reported in furniture and home furnishings (-3.6%), building materials (-1.6%), and sporting goods (-1.7%). Sales by motor vehicle and parts dealers dropped 2.0% in June and follows a 4.6% decrease in May. “Core” retail sales, which excludes automobiles, gasoline, building materials, and food services, rose 1.1% in June.
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