Producer Prices rise slightly after August CPI matches expectations
Update: 2024-09-12
Description
After August's Consumer Price Index (CPI) largely came in line with economist expectations, producer prices came in a touch hotter than expected.
Takeaways:
- The Producer Price Index (PPI) saw prices increase 0.2% month-over-month and 1.7% year-over-year. Initial jobless claims also came out above estimates for the prior week: 230,000 versus the 227,000 expected.
- Nvidia (NVDA) CEO Jensen Huang's comments on the company's chip demand seemingly gave the tech sector (XLK) a burst of energy in Wednesday's session.
- Boeing's (BA) contract with factory workers is set to expire today. The aircraft manufacturer reached a tentative agreement with union leadership earlier this week with the 33,000 union members to vote on the deal on Thursday.
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