The annual rate of inflation for goods leaving the factory gate increased for the first time in 6 months in August 2017. Factory gate prices (output prices) rose 3.4% on the year to August 2017, up from 3.2% in July 2017, with the change in the rate being driven mainly by petroleum products. Prices for materials and fuels (input prices) rose 7.6% on the year to August 2017, up from 6.2% in July 2017, with the change in the rate being driven mainly by crude oil. Recent rises to input costs may have now passed through industries that represent core inflation, although energy and food prices have grown in recent months.
In the U.S. session JOLTS job openings figures were published. The number of job openings was little changed at 6.2 million on the last business day of July, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were also little changed at 5.5 million and 5.3 million, respectively. Within separations, the quits rate and the layoffs and discharges rate were little changed at 2.2 percent and 1.2 percent, respectively. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by four geographic regions.
Tomorrow's session will bring job data. Unemployment Rate should remain unchanged at 4.4%, while number of unemployed should rise by 800. In the US session PPI figures are scheduled for a release. Analysts expect increase by 0.3%.
Figures to watch:
Unemployment Rate (Wednesday 10:30)
PPI (Wednesday 14:30)
