C_Clayton_Jones
Diamond Member
‘A closely watched inflation indicator ticked up unexpectedly in December, stoking concerns that consumers and the U.S. economy continue to face challenges from rising prices.
The Producer Price Index, which measures changes in U.S. wholesale prices paid by businesses, increased by 0.5% in December, according to data released Friday by the U.S. Bureau of Labor Statistics.
December’s data marks the index’s highest rate in the last three months. The jump can be largely attributed to a 0.7% rise in service prices, the BLS said, noting this is its largest increase since July.
The bureau said the majority of the jump in service prices is from trade services, with over 40% from a “rise in margins for machinery and equipment wholesaling.”
Producer prices were led higher by a 0.7% jump in the cost of services from the month before. Overall, service prices have jumped 3.2% from this time last year. Friday’s data “suggests businesses have been able to pass along some of the costs from tariffs as higher prices,” JPMorgan said in an analyst note.
Prices for goods were unchanged in December, primarily due to declines in food and energy prices, with a 14.6% decrease in diesel fuel prices. When those sectors were removed, prices for goods rose 0.4% for the final month of last year.’
www.nbcnews.com
So much for voting for Trump to ‘fix’ the economy.
Indeed, it was stupid to vote for Trump because of ‘the economy.’
And it was stupid to attack President Biden because of ‘the economy.’
The Producer Price Index, which measures changes in U.S. wholesale prices paid by businesses, increased by 0.5% in December, according to data released Friday by the U.S. Bureau of Labor Statistics.
December’s data marks the index’s highest rate in the last three months. The jump can be largely attributed to a 0.7% rise in service prices, the BLS said, noting this is its largest increase since July.
The bureau said the majority of the jump in service prices is from trade services, with over 40% from a “rise in margins for machinery and equipment wholesaling.”
Producer prices were led higher by a 0.7% jump in the cost of services from the month before. Overall, service prices have jumped 3.2% from this time last year. Friday’s data “suggests businesses have been able to pass along some of the costs from tariffs as higher prices,” JPMorgan said in an analyst note.
Prices for goods were unchanged in December, primarily due to declines in food and energy prices, with a 14.6% decrease in diesel fuel prices. When those sectors were removed, prices for goods rose 0.4% for the final month of last year.’
Companies are getting hit by rising prices, just like consumers
Service prices jumped in December while prices for goods stayed the same, thanks to a decline in energy costs.
www.nbcnews.com
So much for voting for Trump to ‘fix’ the economy.
Indeed, it was stupid to vote for Trump because of ‘the economy.’
And it was stupid to attack President Biden because of ‘the economy.’
