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- Daily Scoop 22-9-14
Daily Scoop 22-9-14
👋 Your Wednesday Scoops - Uber's big defeat & Nikola's fraud on trial
Today's Scoop:Bounce
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Big Picture
Inflation is still a problem for consumers and businesses.
Mortgage rates are the highest they've been since 2008.
High mortgage rates have slowed home buyer demand.
The Market:
⬆️
+0.3%
S&P 500: 3,946.01
1Mo:
-8%
| 1Yr:
-12%
| 5Yr:
+58%
Markets inched higher after today tanking yesterday. The August inflation report showed
prices kept rising for most consumer goods and services
, though gas prices fell significantly. Investors had been getting optimistic that inflation was cooling.
Businesses are still facing rising costs.
The Labor Department reported the Producer Price Index (PPI) declined 0.1% in August, driven chiefly by falling fuel prices. Excluding the more volatile costs like food, energy, and trade, wholesale costs actually increased in August.
High mortgage rates have sapped demand for homes.
The Mortgage Bankers Association reported another week of declining new home mortgage applications, with total volumes down 29% from last year. The average 30-year fixed mortgage rate passed 6% for the first time since 2008, roughly doubling in the past year.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Nikola's
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Uber
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UBS
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Starbucks
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
The
Producer Price Index (PPI)
is another important indicator for economists tracking inflation.
Inflation
is the rate at which things get more expensive. Unlike the
Consumer Price Index
, which looks at a set basket of stuff your average consumer spends money on and tracks how much it costs each month, the PPI tracks the prices of wholesale goods - like how much Ford pays for the tires it installs in its cars before selling them to you. The rate of change in those prices is inflation. Prices rarely decline. Inflation, aka rising prices, is only a problem when it's really fast. Business supply costs increasing 9% per year is not manageable.
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