*The producer price index, a measure of prices for final demand goods and services, increased 0.2%, against the Dow Jones estimate for 0.3%.
*Headline PPI rose just 2.3%, down from 2.7% in March and the lowest reading since January 2021.
*Excluding food and energy, the core PPI also rose 0.2%, in line with expectations.
*On an annual basis, the headline PPI increased just 2.3%, down from 2.7% in March and the lowest reading since January 2021.
*Portfolio management costs and gasoline prices helped push the increase, while a 37.9% plunge n chicken egg prices helped keep the number in check.
*In other news, weekly jobless claims jumped to 264,000, the highest reading since Oct. 30, 2021.
Though the PPI rise was less than expected, the services index increased 0.3%, the biggest move since November 2022, the Bureau of Labor Statistics report stated.
The report showed that about one-third of the PPI services increase came from “portfolio management” services, which measures the prices for investment advice and increased 4.1%. Gasoline prices rose 8.4%, pushing the goods index higher by 0.2%.
Edit: the formatting help says that asterisks are supposed to result in bullet points. Doesn't seem to be working.
Leave a Reply