Summary of last week's economic reports:
University of Michigan preliminary index of consumer sentiment:
consumer sentiment decreased to eight all-time low of 63.2 this month this is the weakest level seen since 1982. The cost of imported goods climbed 14.8% according to the Labor Department. So far this year 232,000 jobs have been lost. A panel of economists surveyed by Bloomberg news believes it consumer spending in the first half of the quarter will advance in the weakest rate in 17 years. To further add to the difficulties faced by the American consumer gasoline reached a record at $3.32 a gallon according to the energy information administration future forecasts show an average cost of $3.54 a gallon heading into the month of May. The Fed has cut the overnight lending rate by three points since September to increase the amount of money.
Price of imports:
the price index for overall imports rose 28% in March led by a 9.1% advance in petroleum costs. In addition there was a 3.6% increase in the cost of industrial supplies and materials. Prices for consumer goods foods feeds and beverages increased by 0.5% this increase is in line with the previous months increases of 0.4 and 0.5% respectively. The price index for automotive vehicles increased by 0.1%. The price of imports from Canada increased by 3.2% with a 16.4% increase for the year Indian March. Imports from the European Union increased by 1.6% up a total of 6.9% over the past year. Import prices from China increased in March 0.7% with a total increase of 4% for this year import prices from Japan increased 0.7% this year.
