report from the Bureau of Labor Statistics. The index for final demand jumped by 0.2 percent in June, twice what was expected. In addition, there were significant upward revisions to the previous month’s PPI, moving the headline final demand up from a 0.2 percent decline to a flat reading.
Excluding food and energy, producer prices rose 0.4 percent for the month and were up three percent over 12 months. That’s thesince April of 2023. Core producer prices have now risen for six consecutive months—which is every month this year. What’s more, the second derivative rate of increase in the year-over-year change is rising, indicating thatGoods prices fell 0.5 percent, but this was almost entirely due to energy prices. Excluding energy and food, core goods prices were flat for the month.
. Profit margins are expanding, prices of goods have stabilized, and services prices are still inflating. When combined with still very low unemployment and robust jobs growth , the economy is still growing at a decent pace. Additional accommodation from the Fed is unwarranted and would unnecessarily risk pushing inflation even higher.The University of Michigan’s consumer sentiment index unexpectedly dropped in early July because households are deeply unhappy about.
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