Producer prices soared by 9.7% in December, biggest gain on record
The producer price index measures inflation at the wholesale level before it reaches consumers
Published 16 mins ago By Megan Henney
FTA
Wholesale prices rose at the fastest pace on record in December, the latest evidence that inflationary pressures are continuing to plague the U.S. economy.
The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 9.7% in December from the year-ago period. It marked the highest figure on record since the government began tracking the data in 2010. On a monthly basis, prices rose 0.2% in December following a 0.8% gain in November.
Economists surveyed by Refinitiv expected producer inflation to rise by 9.8% on an annual basis and 0.4% from the previous month.
The surge in wholesale prices comes on the heels of a separate Labor Department report released a day earlier that showed consumer prices climbed 7% in December from the previous year, the biggest increase since June 1982, when inflation hit 7.1%. Consumers are paying more for everyday necessities including groceries, gasoline and cars.
https://www.foxbusiness.com/economy/producer-prices-inflation-manufacturers-december
Jobless claims unexpectedly rise to 230,000 as omicron surges
Labor market continuing to recover from coronavirus pandemic
Published 14 mins ago By Megan Henney
FTA
The number of Americans filing for unemployment benefits unexpectedly climbed to the highest level since mid-November as an unprecedented surge in COVID-19 cases driven by the highly contagious omicron variant threatened to undermine the economy’s recovery.
Figures released Thursday by the Labor Department show that applications for the week ended Jan. 8 rose to 230,000 from 207,000 a week earlier, missing the 200,000 forecast by Refinitiv analysts.
https://www.foxbusiness.com/economy/initial-jobless-claims-coronavirus-january-8