I caught Jim Glassman on Crap-Vision after the PPI this a.m.
The .8% PPI not a problem says Jim Glassman of J.P. Morgan
I find it highly amusing how, in bull phases, anal cysts create bullish dialogue-they are very creative!--in mkts truth is conditional--so the bull's dialogue is "right".
Jim said the PPI# is a seasonal abberation due to the car model changeovers-[i dunno what that means, either] This is a direct quote: "If you take out food, energy, & autos", the core was .2%" Jim sees very stable prices-not rising ones--and on the CPI-level he sees deflation-and best of all:
"If you take out food, energy, & autos", what's left? Producer Price Indexes -- October 2003
The Bureau of Labor Statistics of the U.S. Department of Labor
reported today that the seasonally adjusted Producer Price Index for
Finished Goods advanced 0.8 percent in October. This gain followed a 0.3-
percent rise in September and a 0.4-percent increase in August. Rising
prices for beef and veal, light motor trucks, and passenger cars led the
increase in the finished goods index in October. At the earlier stages of
processing, prices received by the manufacturers of intermediate goods went
up 0.4 percent, after edging down 0.1 percent in the prior month. The rate
of increase in the index for crude materials slowed from 3.4 percent in
September to 2.6 percent in October.
. . .
Before seasonal adjustment, the Producer Price Index for Finished
Goods increased 1.1 percent in October to 145.5 (1982=100). From October
2002 to October 2003, prices for finished goods advanced 3.4 percent. Over
the same period, the index for finished consumer foods rose 8.5 percent,
finished energy goods prices went up 9.2 percent, and the index for
finished goods other than foods and energy climbed 0.5 percent.
intermediate goods moved up 3.4 percent, and the crude goods index jumped