Another inflation gauge comes in hot with producer prices jumping 6.2% in April from a year ago

Economy

Workers assemble a three-wheeled electric fun utility vehicle (FUV) at the Arcimoto manufacturing facility in Eugene, Oregon, April 19, 2021.
Alisha Jucevic | Bloomberg | Getty Images

U.S. producer prices data for April is set to be released at 8:30 am ET Thursday.

The Producer Prices Index comes into focus after Wednesday’s consumer prices report showed hotter-than-expected inflation and triggered a big sell-off in the stock market.

Economists polled by FactSet are expecting a 0.3% increase in April for the PPI over the previous month. Year over year, the index is forecast to rise by 3.8%, according to FactSet.

The Labor Department reported that the prices American consumers pay for goods and services accelerated at their fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago.

Producer prices measure the prices paid to producers as opposed to prices on the consumer level.

This is breaking news. Please check back for updates.

Enjoyed this article?
For exclusive stock picks, investment ideas and CNBC global livestream
Sign up for CNBC Pro
Start your free trial now

Articles You May Like

US stocks close higher. Two day up streak for the major indices
Taking down crypto influencers is one step that would help to heal the market
UAE’s ADNOC to cut 5% of Dec crude volumes to term-buyers in Asia – sources
USD/CAD Price Analysis: Buyers stepped in around weekly lows on risk aversion
How Atlanta’s growing economy burned low-income renters and homebuyers