U.S. equity futures are trading modestly lower ahead of the release of key economic data.
The Labor Department is out with its tally of new claims for unemployment benefits for last week. Expectations are for 200,000, down from 207,000 the prior week and not far above a 52-year low of 188,000 in the first week of December. Continuing claims, which track the total number of unemployed workers collecting benefits, are anticipated to fall 21,000 to 1.733 million, another pre-pandemic low.
The December producer price index was expected to rise 0.4% month-over-month according to Refinitiv forecasts, half of November’s increase. Year-over-year, prices paid by wholesalers were anticipated to jump 9.8%; that’s up from 9.6% in November and would be the eighth straight series high and the 16th consecutive month of annual increases.
Factoring out volatile food and energy costs, core producer prices were anticipated to pop 0.5% in December, slightly below November’s 0.7% gain. Year-over-year look for core PPI to jump 8.0% in December, the highest annual growth on record.On Wednesday, investors were focused on a report from the Labor Department, which showed consumer prices jumped 7% last month. That's the fastest year-over-year pace in the consumer price index in nearly four decades.
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