The Producer Price Index showed prices at the wholesale level rose 0.4% month-over-month in August, after increasing 0.2% in July, and above economists’ forecasts, which called for a 0.3% rise. The increase in the month was due to energy prices rising 2.2%. The core rate, which excludes food and energy, increased 0.1%, matching the forecast of economists. On a year-over-year basis, headline producer prices were 3.1% higher, and the core rate was up 1.3%.
The Philly Fed Manufacturing Index improved by a smaller amount than expected, rising from -7.7 in August to -0.7 in September, compared to the forecast for an increase to 0.5. Almost every component making up the index deteriorated, while only the employment component moved back into expansion.
The Dow Jones Industrial Average gained 22 points (0.2%) to close at 10,595, the S&P 500 Index was flat at 1,125, while the Nasdaq Composite advanced 2 points (0.1%) to 2,303. Crude oil fell $1.59 to $74.43 per barrel, and the Bloomberg gold spot price gained $6.92 to $1,274.97.
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