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The behavior of the Producer Price Index in a global economy
Maureen P. Doherty
Maureen P. Doherty is Chief of the Branch of Index Methods and Analysis, Division of Industrial Prices and Price Indexes, Office of Prices and Living Conditions. Email: Doherty.Maureen@bls.gov.
Over the last 20 years, the U.S. economy has become increasingly global. This trend was particularly strong in the manufacturing sector where, based on current dollar figures, imports as a percentage of domestic supply of manufacturing products grew from 14.3 percent in 1987 to 27.3 percent in 2010, while exports as a percentage of total manufacturing output grew from 8.2 percent to 17.3 percent over the same period. 1 Values of these measures and other statistics2 indicating the magnitude and growth of globalization for each year from 1997 to 2002 can be found in appendix A.
1Interactive Access to Industry Economic Accounts Data, Input-output accounts, Use Table, The Use of Commodities by Industries after Redefinitions (1998–2002, 2010), Sector level; Historical Benchmark I-O, Use Table, The Use of Commodities by Industries after Redefinitions (1987,1997), Sector level (Bureau of Economic Analysis), http://www.bea.gov/iTable/iTable.cfm?ReqID=5&step=1.
2Interactive Access to Industry Economic Accounts, Domestic Product and Income, Table 1.1.5 Gross Domestic Product, Annual 1997–2002 (Bureau of Economic Analysis), http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1.
Producer prices reverse course in 2008—Jul. 2009.
Producer price inflation accelerates in 2007 due to rising prices for energy and food.—Jul. 2008.
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