Last week the PPI numbers came out for April 2008 for the US. The overall PPI was +0.2 percent which was lower than expectations of +0.4 percent. However, the core number was higher than expectations with +0.4 percent vs +0.2 percent expected.
The number was digested by the market as confusing. The report showed no change in the price of food and a decrease in the price of energy. My question is…
What planet do these numbers come from? Any business person that I have spoken with has brought up the same concerns. Slowing income and higher energy prices. How is the government showing us that they see energy prices dropping while the price of oil is pushing past $130 and threatening to go higher? They must be getting a much better deal than the rest of us. The US Department of Labor needs a new slogan for the PPI Report. “PPI, it’s magically delicious” (and not grounded in reality by a long shot).
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