October 11, 2024 13:23 GMT
US DATA: Core PPI Lent Softer In September But After Upward Revisions
US DATA
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As for the main core PPI categories, they lent softer than expected in September alone but did see net upward revisions. With the two main measures at 0.16/0.14% M/M, they were similar to the 0.16% M/M seen for core goods ex used vehicles in yesterday’s CPI report after months of core PPI coming in hotter.
- Final demand ex food & energy nearly surprised lower with 0.16% M/M (cons 0.2) in September. It followed an essentially unrevised 0.31% M/M in Aug but prior upward revisions lifted the level by 0.2%.
- Final demand ex food, energy & trade services did however surprise lower, but this time only just with 0.14% M/M (cons 0.2) although that was smaller net upward revisions. The 0.20% M/M in August was down from initially 0.25%, limiting the net upward revised to just 0.07%.
- The similarity between the two core measures specifically in September came as trade services increased just 0.2% M/M, a particularly volatile imputed measure that was swung around in recent months to drive differences between the two.
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