A highly anticipated report released by the Labor Department on Thursday showed 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 0.3 percent in December after inching up by 0.1 percent in November. Economists had expected consumer prices to rise by 0.2 percent.
Excluding food and energy prices, core consumer prices still rose by 0.3 percent in December, matching the increase seen in November as well as economist estimates.
The report also showed the annual rate of consumer price growth accelerated to 3.4 percent in December from 3.1 percent in November. The annual rate of growth was expected to tick up to 3.2 percent.
Meanwhile, the annual rate of growth by core consumer prices slowed to 3.9 percent in December from 4.0 percent in November. Economists had expected the pace of core price growth to decelerate to 3.8 percent.
A separate report released by the Labor Department showed first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended January 6th.
The report said initial jobless claims slipped to 202,000, a decrease of 1,000 from the previous week’s revised level of 203,000.
Economists had expected jobless claims to rise to 210,000 from the 202,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average also edged down to 207,750, a decrease of 250 from the previous week’s revised average of 208,000.
At 11 am ET, the Treasury Department is scheduled to announce the details of this month’s auction of twenty-year bonds.
Richmond Federal Reserve President Thomas Barkin is due to speak before the Virginia Bankers Association and the Virginia Chamber of Commerce’s 2024 Financial Forecast at 12:40 pm ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $21 billion worth of thirty-year bonds.