Wholesale prices unexpectedly fell 0.2% in May
Posted: Jun 13, 2024
- Wholesale prices unexpectedly decreased in May - Producer Price Index declined by 0.2% - Excluding food, energy, and trade services, PPI was unchanged - Consumer Price Index was unchanged in May according to BLS - May be evidence that inflation is pulling back- Wholesale prices fell 0.2% in May, going against expectations for a 0.1% increase - The producer price index showed the largest decline in final demand goods prices since October 2023 - Initial claims for unemployment insurance jumped to 242,000, the highest level since August 2023 - Energy prices tumbled 4.8% while food prices fell 0.1% - The Federal Reserve noted "modest further progress" in bringing inflation back down to its 2% target - Nvidia could potentially make up 15% of the S&P 500 in the future
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