Wholesale prices in the U.S. unexpectedly dropped in April, signaling that the global economic recovery has yet to stoke inflation. The overall producer price index dropped 0.1% in April from a 0.7% spike in March. Declines in both food and energy helped pull the headline figure down. At the core level, the PPI came in with a 0.2% increase, following a 0.1% uptick in March.
Separately, U.S. housing starts rose 5.8% to a seasonally adjusted 672,000 units. March’s housing starts were also revised to show a 5% increase, instead of a 1.6% gain. Compared to last April, housing starts were up 40.9%.
- Harrington Wealth Management
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