Producer prices in the U.S. increased by much more than anticipated in the month of December, according to a report released by the Labor Department on Friday.
The Labor Department said its producer price index for final demand climbed by 0.5 percent in December after rising by 0.2 percent in November. Economists had expected producer prices to rise by another 0.2 percent.
Meanwhile, the report said producer prices in December were up by 3.0 percent compared to the same month a year ago, unchanged from November. The annual rate of growth was expected to slow to 2.7 percent.
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of January.
The Chicago business barometer is expected to inch up to 44.0 in January after surging to 43.5 in December, but a reading below 50 would still indicate contraction.
St. Louis Federal Reserve Bank President Alberto Musalem is due to speak on the U.S. economy and monetary policy and participate in a moderated discussion before the University of Arkansas’s 32nd annual Business Forecast Luncheon at 1:30 pm ET.
At 5 pm ET, Federal Reserve Vice Chair for Supervision Michelle Bowman is scheduled to speak on “Monetary Policy and Supervision and Regulation” at the SW Graduate School of Banking at SMU Cox: 161st Assembly for Bank Directors.