Summary
- The U.S. May Producer Price Index (PPI) reportedly rose by just 0.1%, lower than expected.
- As producer prices act as a leading indicator for consumer prices, the stability of wholesale prices has attracted investor attention.
- Following the data release, Bitcoin (BTC) saw a slight increase.
The U.S. Producer Price Index (PPI) for May came in below market expectations. Producer prices are considered a leading indicator for consumer prices, as they are reflected in final consumer prices after a certain period.
According to the U.S. Department of Labor on the 12th (local time), the U.S. PPI for May increased by 0.1% compared to the previous month. This is lower than the market expectation of a 0.2% rise. Year-on-year, it increased by 2.6%, in line with the market consensus (2.6%).
With the release of data indicating that wholesale prices, a leading indicator of consumer prices, are cooling, Bitcoin (BTC) saw a slight increase. As of 21:32 on the same day, immediately after the data was released, the BTC price surged by 0.17% to $107,124 on the Binance USDT market.
At the same time, the number of new unemployment claims in the U.S. for the previous week was tallied at 248,000, surpassing the market forecast of 242,000.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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