Current Economy Update
on Dec 15 in Economic Update, Featured, Job Market tagged jobless claim, market news, oil news, price moves,producer price index, The Labor Department by Mansfield Oil Company
The Labor Department reported this morning that wholesale prices rose modestly last month as companies paid more for items such as food and pharmaceuticals. Energy prices barely rose, however, keeping inflation in check. The Producer Price Index, which measures price changes before they reach the consumer, rose .3% in November. Excluding the volatile food and energy categories, the so-called “core” index rose .1%. Many economists think inflation has peaked and will slowly decline next year as prices for oil and agricultural commodities have fallen from their highs this spring.
Additional data today from the Labor Department shows weekly applications for unemployment benefits fell by 19,000 to a seasonally adjusted 366,000 last week. The four-week average dropped for the 10th time in the past 12 weeks, to 387,750, which is the lowest reading for the average since July 2008.
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