This is a disaster, and exactly what OBiden wants – the destruction of the American economy and a slide into hyperinflation, the territory of despots and banana republics.
Manufacturing in NY collapsed to levels unexpected.
Hyperinflation is raging as Biden wants to pour gas (money) on the fire with another ‘stimulus’.
PPI is costs to producers which will flow of course to consumer inflation.
Financial markets are higher today on news the Russian Federation may be removing armored vehicles from exercises in Belarus.
NY Empire State Manufacturing Index (Feb) printed at 3.1 vs 12.5 consensus estimate.
Producer Price Index (MoM) (Jan) printed at 1% vs 0.5% estimate.
Producer Price Index (YoY) (Jan) printed at 9.7% vs 9.1% estimate.
Producer Price Index ex Food & Energy (MoM) (Jan) printed at 0.8% vs 0.5% estimate.
Producer Price Index ex Food & Energy (YoY) (Jan) printed at 8.3% vs 7.9% estimate.
Redbook Index (YoY) (Feb 11) printed at 15.4%.