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• The producer price index rose 0.7% in January, higher than the 0.4% estimate.
• Excluding food and energy, core PPI increased 0.5%, compared with expectations for a 0.3% increase.
• In other economic data, jobless claims edged lower to 194,000, below the estimate for 200,000. Also, the Philadelphia Fed’s manufacturing index plunged to -24.3, well below the -7.8 estimate.

“When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales^[a] in his hand.” Rev. 6:5

Inflation rebounded in January at the wholesale level, as producer prices rose more than expected to start the year, the Labor Department reported Thursday.

The producer price index, a measure of what raw goods fetch on the open market, rose 0.7% for the month, the biggest increase since June. Economists surveyed by Dow Jones had been looking for a rise of 0.4% after a decline of 0.2% in December.

Excluding food and energy, the core PPI increased 0.5%, compared with expectations for a 0.3% increase. Core excluding trade services climbed 0.6%, against the estimate for a 0.2% rise.

On a 12-month basis, headline PPI increased 6%, still elevated but well off its 11.6% peak in March 2022.

Markets fell following the release, with futures tied to the Dow Jones Industrial Average down about 200 points.

Read More @ CNBC HERE