It would be nice if someone on the news this morning mentioned this but I would assume that people are aware in their own lives? Or are the “vibes” so good that our news media can’t find the time to report it?
Wholesale prices rose far more than expected in July, providing a potential sign that inflation is still a threat to the U.S. economy, a Bureau of Labor Statistics report Thursday showed.
The producer price index, which measures final demand goods and services prices, jumped 0.9% on the month, compared with the Dow Jones estimate for a 0.2% gain. It was the biggest monthly increase since June 2022.
Huh. Who knew?
I suppose that’s the last legitimate BLS report we’ll get until Trump is out of office. And if the coverage today is any example I guess the press will just continue to report the “vibes” instead of reality anyway so…
The latest Producer Price Index, which measures the average change in prices paid to producers, jumped 0.9% from June, lifting the annual rate to 3.3%, according to Bureau of Labor Statistics data.
The PPI serves as a potential bellwether for the prices consumers may see in the months ahead.
“Producers are starting to feel the inflation fire heat,” Chris Rupkey, chief economist at FwdBonds, wrote Thursday. “It will only be a matter of time before producers pass their higher tariff-related costs on to the backs of inflation-weary consumers.”
Thursday’s readings far exceeded economists’ expectations for prices would rise by just 0.2% in July and 2.4% annually.
And considering the PPI covers the domestic output of goods and services and excludes imports, the potential consumer price inflationary impact could be underestimated, noted Brian Bethune, an economist at Boston College.
I’m sure it is. Whether the “vibes” reflect reality is always up for grabs these days so who knows if it will be salient to the American people?