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Import/export price declines suggest global economic weakness

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Import/export price declines suggest global economic weakness

Prices for both imports and exports unexpectedly drop in October.

Data released by the Department of Labor provide yet another sign of strengthening economic headwinds for the US economy.

"Export prices dropped 0.5% last month, the seventh decline in eight months, which contrasted with economists’ expectations for a small increase."

According a report issued today, prices for both US exports and imports unexpectedly fell in October, suggesting that continued weakness in the major global economies is precluding the ability of companies to raise prices.

Export prices dropped 0.5% last month, the seventh decline in eight months, which contrasted with economists’ expectations for a small increase.

Import prices fell slightly – 0.7% - as well, which was also unexpected.  While a 3.6% decrease in oil prices played a major role in the overall decline in import prices, even that figure suggests that world demand for oil is easing, indicating reduced economic activity.

 

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