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PPI And Claims Data Don't Change Overall Narrative

DATA REACT

June headline PPI comes in above expectations, core measures miss to the downside. Some modest revisions to May PPI M/M obscure the picture a little bit, with headline and ex-food/energy revised up 0.1pp M/M but ex-food/energy/trade revised down 0.1pp M/M.

  • Nothing in the June report to really change the narrative of strong price pressures though: headline PPI ticks back higher to a 3-month Y/Y high of 11.3%.
  • Initial jobless claims continue to tick higher, highest since week of Nov 19 2021. and a little higher than expected (+244k vs +235 expected / prior). But still not far off recent historic lows and thus little to suggest any significant cracks in the labor market.

Source: BLS, MNI

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June headline PPI comes in above expectations, core measures miss to the downside. Some modest revisions to May PPI M/M obscure the picture a little bit, with headline and ex-food/energy revised up 0.1pp M/M but ex-food/energy/trade revised down 0.1pp M/M.

  • Nothing in the June report to really change the narrative of strong price pressures though: headline PPI ticks back higher to a 3-month Y/Y high of 11.3%.
  • Initial jobless claims continue to tick higher, highest since week of Nov 19 2021. and a little higher than expected (+244k vs +235 expected / prior). But still not far off recent historic lows and thus little to suggest any significant cracks in the labor market.

Source: BLS, MNI