The Producer Price Index showed prices at the wholesale level rose 0.2% month-over-month in December, after advancing 1.8% in November, higher than the average forecast of economists that called for prices to come in flat. The core rate, which excludes food and energy, was flat compared to the forecast for a 0.1% increase.
Housing starts for December were reported, and the release showed starts declined 4% month-over-month to an annual rate of 557,000 units, below economists’ expectations.
Meanwhile, building permits unexpectedly jumped, growing 10.9% month-over-month to an annual rate of 653,000 from last month’s upwardly revised 589,000. The expectation was for a decrease to 580,000 units.
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The Dow Jones Industrial Average fell 122 points (1.1%) to close at 10,603, the S&P 500 Index dropped 12 points (1.1%) to 1,138, while the Nasdaq Composite lost 29 points (1.3%) to 2,291. Crude oil was $0.43 lower at $77.32 per barrel, and the Bloomberg gold spot price fell $26.75 to $1,111.45 per ounce.
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