April producer price index data
- Prior was -0.2%
- Ex food and energy -0.3% vs -0.1% expected
- Ex food, energy and trade -0.9% vs -0.1% expected
Year-over-year:
- Final demand -1.2% vs -0.4% exp
- Ex food and energy +0.6% vs +0.8% exp
- Ex food, energy and trade -0.3% vs +0.6% exp
Economists are clearly having some difficulty forecasting how the virus is affecting prices. In terms of this report, these are massive misses to the downside. That said, it's not going to make a difference to markets because the important inflation question is the interplay with wages and that pressure is negative.
