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Surging energy costs pushed up US wholesale prices by a sharp 1.8 percent in June, the Labor Department reported Tuesday.
The producer price index (PPI) accelerated following increases of 0.2 percent in May and 0.3 percent in April.
The main cause was energy prices, which jumped 6.6 percent in June after advancing 2.9 percent in May. Food prices also saw a strong 1.1 percent increase following a 1.6 percent drop in May.
The so-called "core" PPI index, excluding energy and food prices and sometimes seen as a better long-term indicator, rose 0.5 percent in June after edging down 0.1 percent in the previous month.
The price increases were far steeper than market expectations for a 0.1 percent rise in the headline PPI and a 0.1 percent gain in the core.
The 0.4 percent decrease in output at factories, mines and utilities was smaller than forecast and followed a revised 1.2 percent drop in May, Federal Reserve figures showed today in Washington. Capacity utilization, which measures the proportion of plants in use, decreased to 68 percent, the lowest level since records began in 1967.
Originally posted by warrenb
Inflation jumps 1.8%
The Labor Department said Wednesday that inflation at the consumer level rose by 0.7 percent last month, slightly higher than the 0.6 percent increase that economists were expecting. It was the biggest one-month gain since a 0.7 percent increase last July.
Technology stocks rose more than 2 percent Wednesday following a slew of economic reports that fueled the notion the economy was showing stronger signs of a turnaround.
Originally posted by stander
"If you don't cheat, you are stupid." That's the motto of success for the new millennium.
Originally posted by fromunclexcommunicate
The dollar index is down in the 79's again and a lot of good news has been factored into the market the last 2 days. We might see some profit taking start this afternoon but I'm not sure what will trigger it. Despite the lower dollar oil is off its peak yesterday.