Jobless claims pop, PPI rises 0.3%
More importantly, people who lose their jobs continue to have trouble finding new work. Continuing claims surged to 6.56 million from 6.358 million a week earlier. That was well above the 6.4 million forecast and a fresh all-time high. The chart above sure does speak volumes, doesn't it?
Meanwhile, the Producer Price Index gained 0.3% on the month. The core PPI rose 0.1%, in line with expectations. At the intermediate stage of production, prices fell 0.5% on the headline and 0.9% on the core. Crude goods rose 3% in price, though the core crude index fell 0.6%.