PPI: Chemical Manufacturing
Why Use This Data Source In Your Models?
The Producer Price Index (PPI) by Industry for Chemical Manufacturing provides a vital gauge of selling price movements within the sector over time. This index tracks changes in the costs associated with producing various chemical products, reflecting shifts in raw material prices, manufacturing efficiencies, and market demand dynamics. It serves as a crucial tool for businesses to adjust pricing strategies, optimize production processes, and stay competitive in the market.
PPI: Chemical Manufacturing
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Automated Data Profiling
Suggested Treatment:
Grain Transformation:
Source:
U.S. Bureau of Labor Statistics
Release:
Producer Price Index
Units:
Index Dec 1984=100, Not Seasonally Adjusted
Frequency:
Monthly
Available Through:
04/30/2025
Suggested Treatment:
The data shows auto correlation and a non-normal distribution. The data should be differenced. While the Order Norm transformation, provides the best normality, the Yeo Johnson variable will also perform well.
Grain Transformation:
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Auto Correlation Analysis:
Data shows auto correlation indicating a need for differencing
The ACF indicates 1 order differencing is appropriate.
Further differencing is reccommended
Trend Analysis:
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.51 p-value = 0.01 indicates that the data is not stationary.
Distribution Analysis:
The Shapiro-Wilk test returned W = 0.82 with a p-value =0.00 indicating the data does not follow a normal distribution.
A skewness score of 0.93 indicates the data are moderately skewed.
Hartigan's dip test score of 0.06 with a p-value of 0.00 inidcates the data is multimodal
Statistics (Pearson P/ df, lower => more normal)
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal Impact
Seasonal and Trend Decompostion
Citation:
U.S. Bureau of Labor Statistics, Producer Price Index by Industry: Chemical Manufacturing [PCU325325], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PCU325325, April 11, 2024.
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