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Wholesale prices rose 0.2% in October, in line with expectations

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Wholesale prices nudged higher in October, though largely in line with expectations and consistent with the Federal Reserve cutting interest rates again in December, the Bureau of Labor Statistics reported Thursday.

The producer price index, which measures what producers get for their products, increased 0.2% for the month, up one-tenth of a percentage point from September though matching the Dow Jones consensus forecast. On a 12-month basis, headline wholesale inflation was at 2.4%.

Excluding food and energy, core PPI rose 0.3%, also one-tenth more than September and also matching expectations. The 12-month rate was at 3.1%.

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Economics

Senate Republicans flex their independence

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MIKE JOHNSON, the speaker of the House of Representatives, became all but guaranteed to keep his job for another two years after receiving Donald Trump’s backing on November 13th. Yet Mr Trump conspicuously withheld an endorsement in another congressional leadership contest the same day, and Senate Republicans elected John Thune as their next majority leader. The South Dakotan now has the unenviable task of managing a busy legislative schedule while also trying to reconcile the demands of his own caucus, an unruly lower chamber and an emboldened and mercurial president.

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Economics

Climate change and the next administration

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“IT IS CLEAR the next administration will try to do a U-turn and reverse much of this progress,” declared John Podesta, America’s climate tsar, at a UN climate summit held this week in Azerbaijan. His statement to the gathered greens and diplomats acknowledged a shared anxiety. Donald Trump has vowed to yank America out of the UN’s Paris climate agreement for a second time. Meanwhile conservative energy wonks around Mr Trump want him to make a push in three areas.

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Economics

Back to the 1850s

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Immigrant voters may have won America’s presidential election for the nativist candidate

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