Hail the great leader! He brings us political prosperity!
Wholesale inflation rose 0.6% in February, much more than expected
The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, double the Dow Jones estimate.
On a year-over-year basis, the headline index increased 1.6%, the biggest move since September 2023.
Two-thirds of the rise in headline PPI came from a 1.2% surge in goods prices, the biggest increase since August 2023, thanks to a 4.4% jump in energy.
Retail sales increased 0.6%, less than expected, while weekly jobless claim filings nudged lower to 209,000.
Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy.
This will complicate the Feds' agenda of reducing interest rates to stimulate the economy in order to rig the election for Joe Biden.
Fortune: America hit with one-two punch of bad economic news.
The mighty American consumer has shrugged off months, even years of recession predictions from top economists and Wall Street CEOs. Facing the hottest inflation in 40 years, and aggressive interest rate hikes meant to tame it, consumers have managed to continue spending, enabling the economy to remain on solid footing. But this week, a one-two punch of bad economic data has some experts waiting for another uppercut.
The second straight weak retail sales report, which included a downward revision of January's sales data, has sparked concerns that consumers are finally showing signs of wear and tear after powering through price increases and rising borrowing costs for roughly two years....
At the same time, producer price inflation, which tends to lead consumer price inflation, also came in above Wall Street's expectations for the second straight month on Thursday. It's another piece of data that could put investors' dreams of swift, economy-boosting interest rate cuts on hold, particularly with Fed officials being very clear that they don't plan on cutting rates until inflation is well under control. As Quincy Krosby, chief global strategist for LPL Financial, put it: "For the data dependent Fed, this report isn't helpful."
Or for Biden.