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U.S. producer prices fell sharply in May as energy costs dropped the most in over three years, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken. The Labor Department said ...Woman injured in freak accident when one of several bullets forgotten in her purse explodes - but she had no gun on her - Daily Mail
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As it turns out, you do not need a gun to be wounded by a bullet – a lesson that a Pennsylvania woman learned the hard way over the weekend.
According to police, a 56-year-old woman from the Williamsport area was shopping at the Lowe’s home imporvement store store on Loyalsock Avenue in Montoursville on Sunday when a bullet in her purse exploded, wounding her leg.
‘She did not have a gun in her purse or on her,’ Montoursville Deputy Police Chief Jason Bentley told the Williamsport Sun Gazette.
Magic bullet: Police said a 56-year-old woman was injured when a bullet in her purse suddenly exploded
Bentley added that the woman, whose identity was not released, was unaware that she had two or three bullets lying about in her bag.
‘Something must have hit the primer of one of the bullets,’ Bentley said. ‘The bullet stayed in the purse, but its casing put a hole in the purse and caused a minor leg wound.'
A primer is the part of the bullet that ignites the main powder charge in the cartridge, making it possible to discharge a gun.
The incident occurred at about 2pm, but the 56-year-old victim did not seek medical attention until 5pm, when her son urged her to go to the hospital.
Treatment: The woman received medical attention at the Williamsport Regional Medical Center and was released
The woman was later discharged from the Williamsport Regional Medical Center.
Incidents involving bullets exploding spontaneously are uncommon, but not unheard of either.
Freak accident: A California court clerk was wounded in 2010 when she dropped an evidence envelope containing a bullet
According to UPI, in August of 2010, a California court clerk was injured in her right leg when she dropped an evidence envelope containing a bullet, which exploded.
This April, a 56-year-old weightlifter in Modesto, California, claimed he was injured when a dumbbell fell on a .22 caliber bullet in his apartment, hitting him in the shoulder, the Los Angeles Times reported.
Police were skeptical but could find no evidence to disprove the victim’s story.
Wholesale Prices in U.S. Dropped 1% in May on Cheaper Energy - Bloomberg
Wholesale prices in the U.S. dropped in May by the most since July 2009 as costs of energy and food decreased, easing pressure on companies to pass expenses to customers.
The producer price index fell 1 percent, more than forecast, following a 0.2 percent decrease the prior month, Labor Department figures showed today in Washington. Economists projected a 0.6 percent decline, according to the median estimate in a Bloomberg News survey. The core measure, which excludes volatile food and energy prices, climbed 0.2 percent for a second month.
Slower global growth that’s tempering demand for raw materials may allow producers to hold down costs and preserve margins, a benefit to consumers facing weaker income gains. Limited inflation also provides Federal Reserve officials with more room to stimulate the U.S. expansion.
“The signs are that inflation pressures are dissipating fairly quickly,” said Jeremy Lawson, a senior U.S. economist at BNP Paribas in New York. “From a producer perspective, it means import costs are low so they can maintain relatively healthy margins. For consumers, it provides some relief, adds to purchasing power, at a time where their incomes are being constrained by very weak wage growth.”
The median estimate for the producer price index was based on forecasts from 76 economists. Projections ranged from a decrease of 1.5 percent to an increase of 0.3 percent. Core wholesale prices were projected to rise 0.2 percent for a second month.
Retail Sales
Retail sales fell in May for a second month as slower employment and subdued wage gains damped demand, another report today showed. The 0.2 percent decrease followed a similar drop in April that was previously reported as a gain, Commerce Department figures showed today in Washington.
Stock-index futures remained lower after the figures. The contract on the Standard & Poor’s 500 Index expiring in September fell 0.6 percent to 1,312.7 at 8:50 a.m. in New York.
In the 12 months ended May 2012, companies paid 0.7 percent more for materials, the smallest gain since October 2009. The core price index increased 2.7 percent in the same period.
The decline in the overall index was led by a 4.3 percent slump in energy prices that was the biggest since March 2009. The cost of liquefied petroleum fell the most since December 2009, and gasoline prices dropped 8.9 percent, the report showed.
Cheaper Food
The cost of food decreased 0.6 percent, the most this year, reflecting a drop in prices of meat, fruits and soft drinks.
About 25 percent of the increase in core prices in May was attributable to a 0.7 percent gain in the cost of pharmaceutical preparations, the report said.
The price of passenger cars rose 0.2 percent last month and was up 1.2 percent from the prior 12 months.
Prices of capital goods climbed 0.1 percent last month after a 0.2 percent rise in April.
Price pressures eased all the way down the production line, according to today’s data. The cost of intermediate goods dropped 0.8 percent, the most since October. Prices for crude materials, those used at the earliest stage of production, declined 3.2 percent.
The waning of raw material costs is good news for businesses hesitant to raise prices while consumers face an unemployment rate of 8.2 percent. The Thomson Reuters/Jefferies CRB commodity index has fallen 17 percent through yesterday from a five-month high in February.
Raw Materials
Diminished demand for commodities from abroad will probably help keep inflation in check. The expansion in the 17-nation euro region stagnated in the first quarter from the same time in 2011, government data show.
“Raw material costs we do see moderating this year,” said David Meline, chief financial officer of 3M Co. (MMM) The St. Paul, Minnesota-based maker of Post-it Notes and fuel system tune-up kits expects input price inflation of 1 percent to 2 percent in 2012 compared with 4 percent last year, Meline said during a June 5 investor conference.
The outlook for inflation is “subdued,” and price gains will probably remain at or slightly below the 2 percent level that’s in line with central bank policy makers’ goal of stable prices and maximum employment, Fed Chairman Ben S. Bernanke told the Joint Economic Committee of Congress last week. Still-high unemployment and retreating oil and gas prices “should continue to restrain inflationary pressures,” he said.
Fed Meeting
The Federal Open Market Committee, which sets the course of central bank policy, meets next week. The group may address a cooling U.S. expansion, the weakest job growth in a year and a widening financial crisis in Europe.
Producer prices are one of three monthly inflation gauges reported by the Labor Department. The consumer price index, due tomorrow, is projected to drop 0.2 percent in May after little change the prior month, according to the median estimate in the Bloomberg survey. The cost of goods imported into the U.S. fell 1 percent last month, reflecting lower costs for food and fuel, Labor Department data showed yesterday.
To contact the reporter on this story: Alex Kowalski in Washington at akowalski13@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
Wholesale Prices in U.S. Dropped 1% in May
Daniel Acker/Bloomberg
A forklift driver carries merchandise through the J.C. Whitney distribution center in La Salle, Illinois.
A forklift driver carries merchandise through the J.C. Whitney distribution center in La Salle, Illinois. Photographer: Daniel Acker/Bloomberg
June 13 (Bloomberg) -- Retail sales in the U.S. fell 0.2 percent in May for a second month as slower employment and subdued wage gains damped demand, a sign the world’s largest economy is cooling, Commerce Department figures showed today in Washington. Wholesale prices in the U.S. dropped 1 percent in May, the most since July 2009, following a 0.2 percent decrease the prior month, Labor Department figures showed. Betty Liu, Dominic Chu and Michael McKee report on Bloomberg Television's "In the Loop." (Source: Bloomberg)
Wholesale prices fall by most in nearly 3 years - Los Angeles Times
The producer price index fell 1 percent in May, after dropping 0.2 percent in April, the Labor Department reported Wednesday. Gasoline prices dropped nearly 9 percent, the most in almost three years. Food costs also fell.
The index measures price changes before they reach the consumer. Excluding food and energy, the so-called "core" index increased 0.2 percent, the same as in April.
In the past 12 months, wholesale prices are up only 0.7 percent, the smallest gain since October 2009. The core index has risen 2.7 percent in the same period. That's the same pace as last month and down from a 12-month change of 3.1 percent in January.
"Inflation really isn't that big an issue," said Joel Naroff, president of Naroff Economic Advisors. "Europe is a mess, oil prices are down, further declines in gasoline prices are coming and the U.S. economy is not growing strongly enough for any firm to have much pricing power."
Modest wholesale inflation reduces pressure on manufacturers and retailers to raise prices. That helps keep consumer prices stable, which boosts buying power and drives economic growth. Consumer spending makes up 70 percent of economic activity. The consumer price index for May will be released Thursday.
Mild inflation could give the Federal Reserve room to hold interest rates at record-low levels and potentially take other steps to boost the economy.
Food costs fell 0.6 percent in May, the biggest decline since December. A 2.2 percent drop in meat prices drove most of the decline. The cost of fresh fruits and melons fell 7.1 percent, the most in a year.
Core prices were pushed up by more expensive pharmaceuticals and a big rise in the cost of commercial furniture, which jumped 1.8 percent. That was the biggest increase for commercial furniture since February 1981.
Gas prices have tumbled 40 cents since peaking on April 6. On Tuesday, the average nationally price for a gallon of gas averaged $3.54, according to AAA. That's down 19 cents from a month earlier.
Higher gas and food prices early last year limited Americans' ability to buy other goods. That caused consumer spending, adjusted for inflation, to fall sharply. As a result, the economy barely grew in the first half of 2011.
The economy has picked up since then but is still growing sluggishly. That is keeping a lid on price increases. Slow growth makes it harder for consumers and businesses to pay higher costs. The economy expanded at just a 1.9 percent annual rate in the January-March quarter.
'Arry out, Moyes in: Everton boss targeted to replace Redknapp - Daily Mirror
David Moyes is Tottenham’s number one managerial target after Harry Redknapp negotiated his way out of the White Hart Lane hot-seat.
Spurs chairman Daniel Levy has identified Everton boss Moyes as his most-wanted, ahead of Roberto Martinez, Andre Villas-Boas and surprise package Jurgen Klinsmann, to succeed Redknapp.
Levy and Redknapp met, and talks continued into Wednesday night, centred on reaching agreement on the manager’s severance package from the 12 months remaining on his £3million-a-year contract.
The rumour mill declared him finished - some saying he had been sacked - and Tottenham players were informed that he would be departing.
Redknapp, who has twice led Spurs to their highest finish during the Premier League era, has steadfastly refused to resign, but felt the club’s hierarchy wanted him out after they refused to extend his contract.
It is a remarkable reversal of fortunes for a man who, just 45 days ago, was the hottest property in football – a hero to Tottenham fans and seemingly a shoo-in to succeed Fabio Capello in the England job.
The final dispute was just the latest in a long line of disagreements between Redknapp and Levy, whose relationship was put under immense strain following Tottenham’s end-of-season collapse, which coincided with Redknapp being in for the England job.
Redknapp feared the worst after Spurs missed out on a Champions League place, and it quickly became clear Levy would not offer him a new contract and, at best, would allow him to go into the final year of his contract.
But another blow came when the manager wanted to start making plans for next season to find Spurs were nervous about releasing funds for targets amid uncertainty over the manager’s future.
Redknapp is a target for a Middle East consortium who are lining up a job in Qatar, but it may be that he takes a break after a stressful year which saw him miss out to Roy Hodgson for the England gig, win a high-profile tax case in court and undergo a heart operation.
Tottenham are now looking to the future, and Moyes is back on their radar having long been touted as their choice.
Levy had lined up then-Swansea boss Brendan Rodgers when they thought Redknapp was going to get the England job, but he has since taken over at Liverpool.
Moyes, who also has 12 months left on his deal, is currently on holiday in the US.
It is believed the highly-regarded Scot is up for a new challenge after a decade at Everton, who continually have to sell before they can buy.
The Toffees' left-back Leighton Baines and midfielder Marouane Fellaini are this summer’s likely departures - with, respectively, Manchester United and Chelsea keen - and there is a feeling Moyes may have taken them as far as possible.
Wigan boss Martinez is also in the frame after keeping the Latics in the Premier League again while employing a style of play that suits the Spurs philosophy.
Villas-Boas is another candidate despite his turbulent nine-month spell at Chelsea.
Another former Chelsea boss, Carlo Ancelotti, also fancied the job before taking over at oil-rich, Champions League-bound Paris Saint-Germain.
Read more:
Watch:
See Redknapp coat a Toblerone-footed Portsmouth player who hits him with a ball:
Watch 'Arry get a soaking from a jubilant David Bentley after Spurs clinch a place in the Champions League:
US consumers pull back on shopping - Financial Times
June 13, 2012 2:24 pm
Drop in gasoline pushes down retail sales, wholesale prices - USA Today
But even after excluding volatile gasoline sales, consumers barely increased their spending.
The Commerce Department said Wednesday that retail sales dipped 0.2% in May. That followed a revised 0.2% decline April. The back-to-back declines were the first in two years.
The weakness reflected a 2.2% plunge in gasoline station sales. Still, excluding gas station sales, retail spending rose just 0.1% in May. And it dropped 0.1% in April. That left retail spending roughly flat outside of gas sales for the two months, a sign that slower job growth and paltry wage increases may be leading consumers to pull back on spending.
Another report said companies increased their stockpiles at a faster rate in April, despite modest growth in sales.
The Commerce Department says business stockpiles grew 0.4% in April, slightly better than March's pace. When businesses step up restocking, that generally leads to increased factory production and higher economic growth.
Total inventories rose to $1.58 trillion in April, 19.7% higher than the low in September 2009, when businesses were slashing inventories in response to the deep recession.
A third report Wednesday said cheaper gas pushed down the government's measure of wholesale prices by 1% in May, biggest drop in nearly 3 years.
The steep drop in gasoline costs drove down a measure of wholesale prices in May by the most since July 2009. But outside the food and energy categories, prices increased moderately.
The Labor Department says that the producer price index fell 1% in May, after dropping 0.2% in April. Gasoline prices dropped nearly 9%, the most in almost three years. Food costs also fell.
The index measures price changes before they reach the consumer. Excluding food and energy, the so-called "core" index increased 0.2%, the same as in April.
In the past 12 months, wholesale prices are up only 0.7%, the smallest gain since October 2009. The core index has risen 2.7% in the same period. That's the same pace as last month.
The retail sales report said Americans did spend more in May on big purchases. Sales of cars, furniture and appliances all increased.
And lower gas prices could give consumers more to spend in coming months on restaurant meals, clothes, appliances and other discretionary purchases that drive growth.
Gas prices have tumbled since peaking April 6. On Tuesday, the average nationally price for a gallon of gas averaged $3.54, according to AAA. That's down 19 cents from a month earlier.
Total retail sales fell in April to $404.6 billion. That's slightly below March's record level of $406.2 billion and 21.6% higher than the recession low hit in March 2009.
The retail sales report is the government's first look at consumer spending, which drives 70% of economic activity.
But economists are worried that consumer spending may weaken if income growth does not revive.
Workers' average hourly earnings have risen just 1.7% in the 12 months ended in May. That's well below the pace of inflation during this period.
And job growth has slowed since the start of the year. Employers added 226,000 jobs on average during the first three months of the year; they have added an average of 73,000 jobs a month since April.
If job growth does not revive, that could act as a drag on consumer spending in coming months.
In the January-March quarter, overall economic growth slowed to an annual rate of 1.9%, down from a 3% rate of increase in the October-December period.
The strength in the first three months of this year was led by the fastest growth in consumer spending in more than a year.
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