The BLS has released the August, 2024 Producer Price Index Report for the month of July. (historical releases)
The forecast was +2.3% year over year. Which can be done by rounding down +2.27%, and voila +2.2%... or softer than forecast. The month to month was forecast at +0.2%, which can be achieved by revising the months of March, through June... UPWARD.
Using the prior month's published data and comparing to this month... yields an advance of +0.18% which could be rounded down to +0.1%.
It is not uncommon for data to be revised, which is why I download all the reports. I do get suspicious, but can prove nothing.
So (with all revisions)...
Feel free to review last month's blog and check for the revisions. Hint: June was 144.402.
All in all, it was still a good report, but expectations should be tempered in my opinion. The report card with the +2.27% rounded to nearest tenth.
There were winners and losers in the report, but some areas remain sticky. Here's something to chew on... Food was up +0.6% for last month, and energy was up +1.9%. TRADE was down -1.3%, which is where the services decline gets mentioned.
That latter strikes me as being odd, as imports are heating up, as evidenced by container pricing and rush to U.S. ports... ahead of a potential dock strike at end of September.
Just saying, not every thing is rosy!
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