June 2024 PPI came in higher than estimates
Based on PPI and CPI yesterday, there are now estimates of Core PCE to rise only by about 0.1%.
- PPI 0.2% MoM, Exp. 0.1% vs -0.03% in May
- PPI 2.6% YoY, Exp. 2.4% vs 2.3% in May
- PPI Core 0.4% MoM, Exp. 0.2% vs 0.3% in May
- PPI Core 3.0% YoY, Exp. 2.5% vs 2.6% in May
- Prices for final demand services rose 0.6 percent in June after moving up
0.3 percent in May. Nearly all the June increase is attributable to a 1.9-percent jump in margins for final demand trade services - Prices for final demand goods moved down 0.5 percent in June after falling
0.8 percent in May. Most of the June decrease is attributable to a 2.6-percent drop in the index for final demand energy.
PPI was disappointing but is always highly volatile. The Y/Y and 6M trend have been slowly increasing.
https://www.bls.gov/news.release/ppi.nr0.htm