Higher energy prices in August pushed up two economic indicators

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 14 September 2023

⏱️ 1 minutes

🔗️ Recording | iTunes | RSS

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Summary

Retail sales rose 0.6 percent in August; Wholesale prices rose 1.6 percent annually; Jobless claims remain low at 220,000; Gannett to hire reporters dedicated to covering Beyonce, Taylor Swift.

Transcript

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0:17.5	Higher energy prices pushed up to economic indicators.
0:21.2	I'm Nova Sofo with a Marketplace Minute. Retail sales rose last month by 6.10%
0:26.6	according to the Commerce Department. Most of that increase was from sales at gas stations where
0:31.3	prices surged 7% in August. Back to school spending also helped boost retail sales.
0:37.2	Higher energy prices mean higher transportation costs and that elevated wholesale prices last month.
0:42.8	The Labor Department's producer price index was up 1.6% compared to a year earlier.
0:48.6	wholesale prices can show where consumer prices are headed.
0:52.4	The labor market is still resilient. The number of initial claims for jobless benefits
0:57.0	barely moved last week, remaining at around 220,000. This indicates few layoffs.
1:03.0	Speaking of jobs, the nation's largest newspaper chain is hiring reporters dedicated to covering
1:08.4	Beyonce and Taylor Swift, the net whose papers include USA Today has otherwise reduced its workforce
1:15.2	by nearly half. No comment from the artists. I'm Nova Sofo with a Marketplace Minute.

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