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Search resuls for: "Stuart Hoffman"


3 mentions found


☆ US wholesale inflation heated up last month amid higher gas prices
  + stars: | 2023-10-11 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +4 min
Minneapolis CNN —Wholesale price increases of US goods and services jumped higher for a third consecutive month, influenced by still-high energy prices, according to data released Wednesday by the Bureau of Labor Statistics. September’s overall increase was driven by a 0.9% gain in goods prices due to higher energy prices and food prices, BLS data shows. Gas prices hit new yearly highs in September, as oil prices pushed past $92 a barrel amid supply cuts and catastrophic flooding in Libya. The higher gas prices seen in August and September may filter through to some products and services but shouldn’t ultimately keep inflation higher in the months to come, said Stuart Hoffman, PNC Financial Services’ senior economic adviser. However, the Israel and Hamas war in the Middle East does add volatility to energy prices, he said.
Persons: Price, ”, Gregory Daco, Jerome Powell, Chris Rupkey, FwdBonds, shouldn’t, Stuart Hoffman, ” Hoffman Organizations: Minneapolis CNN —, Bureau of Labor Statistics, Federal Reserve, PPI, PNC Financial Services Locations: Minneapolis, August’s, Libya, Israel
☆ US weekly jobless claims race to 1-1/2-year high, economists urge caution
  + stars: | 2023-06-08 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +5 min
After rampant fraud in Massachusetts briefly boosted claims to a 1-1/2-year high in May before being revised away, economists cautioned against reading too much into the latest rise. Economists polled by Reuters had forecast 235,000 claims for the latest week. Unadjusted claims increased only 10,535 to 219,391 last week, with applications in Ohio surging 6,345 and filings in California shooting up 5,173. The Federal Reserve is expected to keep its policy rate unchanged next Wednesday for the first time since March 2022 when it embarked on its fastest interest rate hiking campaign since the 1980s. The U.S. central bank has raised its policy rate by 500 basis points since then.
Persons: Conrad DeQuadros, Unadjusted, Gisela Hoxha, Matthew Martin, Stuart Hoffman, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Labor Department, Brean, Reuters, Auto, Citigroup, Federal, Treasury, Oxford Economics, PNC Financial, Institute for Supply Management, PMI, Thomson Locations: WASHINGTON, Ohio , Minnesota, California, Massachusetts, New York, Ohio, Minnesota, U.S, Pittsburgh , Pennsylvania
☆ US labor market stays resilient; Q4 labor costs revised higher
  + stars: | 2023-03-02 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +6 min
Those worries were further heightened by another report from the Labor Department on Thursday showing labor costs grew much faster than previously estimated in the fourth quarter. The labor market remains tight despite rising risks of a recession, contributing to keeping inflation elevated via solid wage gains. But even using alternative seasonal adjustments, economists say the labor market still is exhibiting tightness. A second report from the Labor Department showed unit labor costs - the price of labor per single unit of output - grew at a 3.2% annualized rate last quarter. Labor costs accelerated at a 6.9% rate in the third quarter, and notched hefty gains in the prior two quarters.
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