U.S. Labor Dep't cites big strides on delayed PPI Fri Mar 12, 2004 03:44 PM ET "The wholesale price data had originally been scheduled for release on Feb. 19, over three weeks ago, but was postponed indefinitely when BLS ran into trouble converting the data to a new industrial classification system. BLS was also forced to postpone the report for February, which was to have been released earlier on Friday. Irwin Gerduk, an assistant commissioner at BLS, has said outdated computers were partly to blame for the delay. He told Reuters earlier this week it would take "quite a bit of time" to produce the February report even after the calculation problems for January were solved." http://www.reuters.com/financeNewsArticle.jhtml?type=economicNews&storyID=4558945 http://research.stlouisfed.org/fred2/categories/31 Last time we had a reclassification - reformulation revision, it was published February 9th 2001 and it was effective for the Jan 2001 numbers. It was done in a timely manner. A brief examination of changes due to the revision (2001) In the following a brief examination of the main areas in the revision is done. The areas are: Classification Weights Method of calculation Questions http://www.ssb.no/ppi_en/revision.html Does anyone know what changes/recalculations are taking effect this time? And why does it take so long? I find Irwin's response "Irwin Gerduk, an assistant commissioner at BLS, has said outdated computers were partly to blame for the delay" somewhat strange. (outdated computers?) I keep hearing opinions from traders and news outlets on the issue of delayed PPI numbers, as higher than expected inflation, data massaging, but it's just talk/rumors.
If you want to poll the source to see when/if the #s are ready for release, the url is http://www.bls.gov/ppi/delaynotice.htm
fbbi0: Knowing nothing about "PPI"... may I ask, what significance do these numbers have on the USD? What significance does this delay indicate? Best regards, Sam
originalskunk, thanks for the link. gamalruach, higher PPI numbers would indicate inflation pressures and may lead to interest rate hikes. Higher rates, may support dollars strength all else being equal. I would like to see what the numbers would have been with the existing formulas, and compare them with the new reformulated results. Market behavior so far has been partially effected by the existing PPI formulas and calculations. If someone here has the existing formula and data ( Jan and Feb are now available somewhere), please calculate, post the number(s). Do the economists, large investment houses have that info available?
According to Briefing.com, the next scheduled release day was originally set for March 17th, 12:00 am for Jan numbers, 8:30 am for Feb, but it is now listed as TBA (To Be Announced?)
According to the Labor Dept. Jan PPI data to be released on Thursday. http://www.bls.gov/ppi/delaynotice.htm
Jesse Eisinger wrote another funny and incisive piece in the WSJ this morning. One paragraph exerpted below: AHEAD OF THE TAPE By JESSE EISINGER Core Constituency March 17, 2004; Page C1 ....... Prices to businesses, however -- at least those measured by the producer-price inflation -- would appear to be rising strongly. Commodity and raw-material prices, such as steel, have been skyrocketing. The PPI data, one would think, would show big jumps -- but they aren't. This is because the government has yet to issue the numbers. The PPI data have been delayed for two months, as the Bureau of Labor Statistics struggles with a facelift and tummy-tuck to the numbers. .......
This sometimes forshadows the PPI. This is a daily report. CRB Raw Industrials Sub-Index 31590 Previoius-31515 +75 03/16/04 http://customer1.barchart.com/custom/stocks/0311.htm