U.S. producer prices surged for the month of April at twice the rate that economic analysts had forecasted, according to newly released numbers by the Bureau of Labor Statistics (BLS).
“The Producer Price Index for final demand increased 0.6 percent in April,” BLS reported. “On an unadjusted basis, the final demand index moved up 6.2 percent for the 12 months ended in April, the largest advance since 12-month data were first calculated in November 2010.”
The Producer Price Index (PPI) is a BLS statistic that measures the average price changes by producers for domestically manufactured goods and services.
“The index for final demand less foods, energy, and trade services rose 0.7 percent in April following an increase of 0.6 percent in March,” the report added. “For the 12 months ended in April, prices for final demand less foods, energy, and trade services moved up 4.6 percent, the largest advance since 12-month data were first calculated in August 2014.”
The news comes after President Joe Biden has repeatedly received bad economic news over the last week starting with the disastrous jobs report on Friday and soaring inflation rates on Wednesday.
The black unemployment rate increased, 18,000 manufacturing jobs were lost, no construction jobs were added, unemployment for Americans without any college education increased, and women had a net loss in jobs in the report that was released on Friday. The U.S. Bureau of Labor Statistics said that nearly 10 million Americans, 9.8 million to be exact, remained unemployed in Biden’s economy. The April jobs report missed projections for the number of new jobs expected by more than 700,000 jobs.
News of last week’s abysmal job numbers was made even worse when the job numbers from March, which originally saw an estimated gain of 916,000 new jobs, had been revised down to 770,000 jobs, “meaning that the net number of people employed over the past month, relative to what was known just hours ago, was a mere 120,000,” Bloomberg News reported.
“Inflation accelerated at its fastest pace in more than 12 years for April as the U.S. economic recovery kicked into gear and energy prices jumped higher,” CNBC reported yesterday on the increase in inflation. “The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, against the expected 0.2%.”
Biden faced further negative news this week about conditions in the U.S. under his leadership when U.S. Customs and Border Protection released new numbers that showed that Biden’s border crisis worsened during the month of April.
CBP data published Tuesday showed that immigration arrests and detentions on the U.S.-Mexico shot up to in April at 178,622, a 3% increase from March, the highest in the history of the Department of Homeland Security (DHS). The media tried to spin the news as a bit of a win for the Biden administration because the surge in arrests of illegal aliens was driven in large part by single adults while the number of unaccompanied minors apprehended fell.
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