PPI rose 2.4% y/y after 1.9% gain in prior 12-month period... About three-fourths of the monthly gain in the headline gauge came from goods, most of which was due to a 9.5 percent jump in gasoline, along with the biggest rise in jet-fuel costs since 2009. Since the PPI pricing date was Aug. 15, the data shouldn't have captured the effects of Hurricane Harvey, said Scott Sager, a Bureau of Labor Statistics economist.

This would seem to take some of the wind out of the sails of that 3% median income gain announced yesterday (which, if you recall, was in part due to a rejiggered methodology... so we wonder now if it was even really greater than 2.4%, which is to say, greater than nothing at all, on an inflation-adjusted basis...)

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