Today, the Bureau of Labor Statistics released the data regarding the Producer Price Index (PPI) for May. On trend with yesterday’s consumer prices report, the change in the price of goods sold by manufacturers in the U.S. has risen lower than anticipated.
Heading to today’s PPI report, analysts predicted that PPI prices would increase by 0.2% , while in reality, it came in a downtick lower at 0.1%. This indicates that, while prices are rising in the manufacturing sector — inflation is not as much of a problem as it was once thought.
Yesterday, consumer prices also rose a percentage point lower than anticipated. This data is surprisingly and especially significant as May was really a breaking point for the U.S. economy. With tariff uncertainty affecting markets and businesses all around the world, investors and policymakers have been closely monitoring inflation trends to gauge the broader economic outlook.
Jobless Claims Go Up
Meanwhile, the jobs sector appears to have suffered the largest hit according to today’s Jobless Claims report. Continuing jobless claims came in above expectations, rising to 1,956K compared to the forecasted 1,910K.
This increase suggests that more individuals remain unemployed rather than quickly reentering the workforce. Initial jobless claims, on the other hand, came in slightly lower than expected at 242K versus the projected 248K. While this indicates fewer new unemployment filings than anticipated, the overall trend in continuing claims points to lingering weakness in the labor market.
Bitcoin Market Reacts
Bitcoin started off the day trading upwards of $109k, as investors hoped for a $110K breakout. However, despite reports that inflation is not affecting consumers and U.S. manufacturers as much as we thought so far — $BTC failed to break above that psychological zone.
Instead, the asset plunged throughout the day and is currently trading at $105,900. Overall, Bitcoin lost around 2.65% over the last 24 hours, but is still relatively bullish on a weekly timeframe, up by 4.84% during the last seven days.
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