Import Prices in The US Were Stable in December

Import prices in the United States of America remained unchanged in December month-over-month, while export prices fell by 0.9 per cent, according to data released Wednesday by the Bureau of Labor Statistics of the Department of Labor.

The estimate for import prices was a drop of 0.5 per cent, following a similar decrease in November, as reported by Anadolu Agency.

“The prices of imports from the USA fell by 1.6 percent on an annual basis according to data from December,” the agency stated, adding that import prices in the USA did not increase for 12 months from January 2023.

Export prices, meanwhile, fell 0.9 per cent in December for the third consecutive month. On an annual basis, US export prices fell 3.2 per cent in December after a 5.2 per cent decrease in November.

“Export prices of agricultural products fell by 0.6 per cent in December after an increase of 0.1 per cent in November,” the agency reported.

“Prices for non-agricultural exports fell by 0.9 per cent in December after a drop of one per cent in November and 0.9 per cent in October,” the statement added.

Morgan Stanley’s Profit Decreased by a Third in the Last Quarter

Investment bank Morgan Stanley’s profit fell by almost a third in the final quarter of last year as expenses rose 9 per cent, partly due to a series of one-off charges, including a legal settlement with the trading business.

The bank’s net profit margin fell to eight per cent from 21 per cent in the third quarter and 16 per cent a year ago. Despite poor results, the bank has increased discretionary pay for its traders, as reported by the Financial Times.

Morgan Stanley’s fourth-quarter net income fell to $1.5 billion from $2.2 billion in the same period a year earlier. For the full year, profit is down 18 per cent, amounting to $9.1 billion.

Last year, the bank spent $350 million on severance payments after laying off more than 2,400 of its roughly 80,000 employees. Costs related to integrating recent acquisitions also increased expenses in the bank’s wealth management unit by ten per cent.