The Producer Price Index showed prices at the wholesale level increased 0.3% month-over-month in October, below the average economist forecast of 0.5%. Meanwhile, the core rate, which excludes food and energy, unexpectedly fell 0.6%, compared to the forecast for a 0.1% increase.
Industrial production showed just a 0.1% increase, compared to the 0.4% gain that had been expected. Meanwhile, last month’s previously reported 0.7% gain was revised down to 0.6%. Capacity utilization improved from 70.5% to 70.7%, narrowly missing the 70.8% forecast. Details from Bloomberg...
The Dow Jones Industrial Average rose 30 points (0.3%) to close at 10,437, the S&P 500 Index gained 1 point (0.1%) to 1,110, and the Nasdaq Composite advanced 6 points (0.3%) to 2,204. Crude oil was $0.24 higher at $79.14 per barrel, and the Bloomberg gold spot price gained $1.50 at $1,140.70 per ounce.
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