Services costs push up Producer Price Index

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News, Business

4.5 • 1.4K Ratings

🗓️ 11 April 2024

⏱️ 1 minutes

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Summary

Stocks close higher; cost of financial services, equipment wholesaling and other services rise; mortgage rates near 7%; initial jobless claims fall.

Transcript

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0:00.0	This is the marketplace minute. I'm Justin Ho. Stocks closed mostly high on Thursday, the
0:07.2	S&P rose 3 quarters percent, the NASDAQ added one and 7 tenth percent, but the Dow was basically flat.
0:13.7	Producer prices rose in March according to the Labor Department
0:17.4	they were up 2 10% from the month before
0:19.7	and 2.1% from the same time a year ago.
0:23.0	A lot of the monthly increase was thanks to the price of financial services,
0:26.4	along with equipment wholesaling and air travel services.
0:29.8	Goods prices declined.
0:31.8	The average rate on a 30-year fixed mortgage rose this week to almost 6.9 percent,
0:36.5	according to the government-backed mortgage corporation Freddie Mac, that's the highest in about a month.
0:41.9	And the number of people signing up for unemployment benefits fell last week to 211,000,
0:47.2	that's according to the Labor Department.
0:48.8	Continuing claims went up.
0:51.1	I'm Justin Ho, with the Marketplace Minute. You're going to.

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