U.S. producer prices rise in September
U.S. producer prices rose in September as the price of gasoline recorded its biggest gain in more than two years amid hurricane related production disruptions at oil refineries in Texas.
Other data on Thursday showed applications for unemployment benefits dropped to a more than one-month low last week as the boost to claims in Texas and Florida from Hurricanes Harvey and Irma continued to unwind.
While the storms affected the data, there were signs of underlying strength in both wholesale inflation and the labour market, potentially leaving the Federal Reserve on track to raise interest rates again in December.
The Labour Department said its producer price index for final demand rose 0.4 per cent also lifted by an increase in the cost of services. Wholesale prices advanced 0.2 per cent in August. –