Fox News national correspondent Bryan Llenas reports on how former President Trump is bashing Vice President Kamala Harris on the economy in ‘The Evening Edit.’
US producer prices were unchanged in September, pointing to a favorable inflation outlook and supportive views that the Federal Reserve will cut interest rates again next month.
The flat reading of producer prices on final demand last month followed an unrevised gain of 0.2% in August, the Labor Department’s Bureau of Labor Statistics said Friday. Economists polled by Reuters had forecast PPI to rise 0.1%.
In the 12 months to September, PPI rose 1.8% after rising 1.9% in August. Government data on Thursday showed consumer prices rose more slowly than expected in September, boosted by higher food costs.
INFL INCREASED 2.4% IN SEPTEMBER, ABOVE EXPECTATIONS
An employee edits a digital price tag for vegetables at a 365 by Whole Foods Market store in the Silver Lake area of Los Angeles, California. (Photographer: Patrick T. Fallon/Bloomberg via Getty Images / Getty Images)
Most economists did not see the rise in inflation as a sign that price pressures are building again. Housing inflation eased sharply in September. Economists expect a slight increase in September in the US central bank’s inflation measures of 2%.
US ECONOMY CREATED 254K JOBS IN SEPTEMBER, ABOVE EXPECTED
Traders expect a 25 basis point rate cut at the Fed’s Nov. 6-7.
They halved expectations of a rate cut following a strong September employment report and other data that provided a better picture of the economy than previously thought.
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The Fed last month cut its policy rate by 50 basis points to 4.75%-5.00%. It raised rates by 525 basis points in 2022 and 2023.
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