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Here's what you need to know today...

1. Layoffs inched up last week.

2. Businesses got a break from inflation in March.

3. Manhattan rents are still breaking record highs.

S&P 500: 4,146.221Mo: +6% | 1Yr: -6% | 5Yr: +55%

The market surged higher today on more signs that inflation is going away.

Business supply costs dropped unexpectedly in March. After reporting low inflation for consumers yesterday, the Labor Department said the Producer Price Index [🤓] dipped -0.5% in March, the most significant drop since April 2020. A considerable reduction in gas prices takes most of the credit, but costs for services also fell significantly. It's another good sign that policymakers' attempts to raise interest rates, cool down the overheating economy, and slow rising prices are working. 

Layoffs inched up last week. The Labor Department reported initial unemployment claims of 239,000. Layoffs have been creeping up this year, but still have a ways to go before looking like trouble.

Manhattan rents are higher than ever. It's not even peak season yet, and rental costs keep climbing. The median price for a one-bedroom apartment reached a new all-time high of  $4,150 per month, according to a report from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

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• Amazon's warehouses are dangerous

• Delta Air Lines feels good about travel

• Chipotle goes electric to cut emissions

• JPMorgan ends hybrid work

• Apple moves to India

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PPI & Inflation

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 (CPI), 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. It's fast right now. Business supply costs increasing by 5% per year is not manageable.