A larger than expected increase in US producer prices in May
2018-06-13 02:13 pm | Resource: NEWS | No Views : 86
The Labor Department released a report on Wednesday showing a larger-than-expected increase in US producer prices in May.
The Labor Department said the PPI for final demand rose 0.5 percent in May after falling 0.1 percent in April. Economists had expected producer prices to rise by 0.3 percent.
The larger-than-expected rise in producer prices was primarily due to higher energy prices, which rose 4.6 percent in May after a 0.1 percent increase in April.
The report noted that the 1.0 per cent jump in the index for final-order goods was due to a 9.8 per cent rise in gasoline prices.
Excluding food and energy prices, core producer prices rose 0.3 percent in May after rising by 0.2 percent in April. Core prices were expected to show another 0.2% increase.
Core price growth was stronger than expected while service prices rose for the fifth month in a row, rising 0.3% in May after rising 0.1% in April.
The prices of final trade services rose by 0.9 per cent, and the prices of final transport and demand services increased by 0.7 per cent.
At the same time, the Labor Department said that the index of final services for demand is lower than trade, transport and storage has not changed. The report said that the annual rate of producer price growth accelerated to 3.1 percent in May from 2.6 percent in April, to reach a high level in more From six years.
The annual growth rate of basic product prices rose to 2.6% in May from 2.5% in the previous month.
"The rebound in producer price inflation in May supports our view that core inflation in consumer prices will rise during the rest of this year," said Michael Pierce, chief US economist at Capital Economics.
"It will keep the pressure on the Federal Reserve to keep rates up once a quarter in the next year or so."
Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears was able to control movement of the USDJPY to hit the important support level around level of 110.56 as the USDJPY is still moving within the down channel to reach its downside around 110.56 In view of the technical indicators Both RSI and Stochastic are indicating to weakness of the…
- GBPUSD Technical analysis 14 August 2018 11:08 pm2018-08-13
- EURUSD Technical analysis 14 August 2018 11:06 pm2018-08-13
- USDJPY Technical analysis 13 August 2018 09:20 pm2018-08-12
- GBPUSD Technical analysis 13 August 2018 09:18 pm2018-08-12
- EURUSD Technical analysis 13 August 2018 09:16 pm2018-08-12
- USDJPY Technical analysis 9 August 2018 11:06 pm2018-08-08
- GBPUSD Technical analysis 9 August 2018 11:03 pm2018-08-08
- EURUSD Technical analysis 9 August 2018 11:01 pm2018-08-08
- USDJPY Technical analysis 8 August 2018 11:24 pm2018-08-07
Best trading brokers
- commodities Fundamental analysis aaab 2017-08-13
- Euro zone manufacturing PMI widen in June, EUR /USD Slip’s 2017-07-03
- Bitcoin burglars succeed in stealing 140,000 dollars of encrypted currency 2017-11-07
- job growth slowed by much more than anticipated in the month of March 2018-04-06
- Chairman Gaincarlo just made the most bullish statements in front of the Congress 2018-02-06
- Dogecoin .. Electronic currency arose as a result of irony 03:54 pm 2018-01-26
- Currency and commodity analysis for 2018 05:14 pm 2018-01-01
- Bitcoin forces Santa Claus to distribute the worst gifts to its investors on Christmas 10:04 am 2017-12-25
- Forex 09:26 am 2017-12-25
- OmiseGo .. Time for electronic financial exchanges 02:07 pm 2017-11-15