U.S. pro­ducer prices rise in Septem­ber

The Globe and Mail (Ottawa/Quebec Edition) - - REPORT ON BUSINESS -

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. –

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