Largely reflecting a surge by energy prices, the Labor Department released a report on Wednesday showing consumer prices in the U.S. increased by slightly more than expected in the month of December.
The Labor Department said its consumer price index climbed by 0.4 percent in December after rising by 0.3 percent in November. Economists had expected consumer prices to rise by another 0.3 percent.
The report also said the annual rate of growth by consumer prices accelerated to 2.9 percent in December from 2.7 percent in November, in line with economist estimates.
Meanwhile, the Labor Department said core consumer prices, which exclude food and energy prices, edged up by 0.2 percent in December after increasing by 0.3 percent for four straight months. The uptick matched expectations.
The annual rate of growth by core consumer prices slowed to 3.2 percent in December from 3.3 percent in November, while economists had expected yearly growth to remain unchanged.
New York manufacturing activity unexpectedly declined in the month of January, according to a report released by the Federal Reserve Bank of New York on Wednesday.
The New York Fed said its general business conditions index slumped to a negative 12.6 in January from a positive 2.1 in December, with a negative reading indicating contraction. Economists had expected the index to inch up to a positive 3.0.
Meanwhile, the New York Fed said firms grew more optimistic conditions would improve in the months ahead, with the index for future business activity jumping to 36.7 in January from 26.9 in December.
At 10 am ET, Minneapolis Federal Reserve President Neel Kashkari is due to deliver welcome remarks and participate in a fireside chat before a virtual Federal Reserve Bank of Minneapolis 2025 Regional Economic Conditions Conference.
The Energy Information Administration is scheduled to release its report on oil inventories in the week ended January 10th at 10:30 am ET. Crude oil inventories are expected to decrease by 1.6 million barrels after falling by 1.0 million barrels in the previous week.
At 11 am ET, New York Federal Reserve President John Williams is due to speak before the Connecticut Business and Industry Association Economic Summit and Outlook 2025.
Chicago Federal Reserve President Austan Goolsbee is also scheduled before a virtual Wisconsin Bankers Association Midwest Economic Forecast Forum at 11 am ET.
At 2 pm ET, the Federal Reserve is due to release its Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts.