Wall Street’s main indexes were higher as strong December retail sales data drove gains in consumer stocks and bank results pushed up the financial sector.
The Labor Department said its Consumer Price Index excluding the volatile food and energy components rose 0.3 percent last month.
US import prices recorded their smallest increase in 5 months in Dec and underlying imported price pressures were muted amid declining costs for food and consumer goods.
US employers added 148,000 jobs in December, a modest gain but still enough to suggest that the economy entered the new year with solid momentum.
U.S. import prices surged in November amid an increase in the cost of imported petroleum products, leading to the largest year-on-year increase in seven months.
Wall Street ticked higher after a stronger-than-expected jobs data for Nov showed that economy has gained strength, ahead of a near certain interest rate hike next week.
US unit labor costs were much weaker than initially thought, declining both in the Q2 and Q3 of this year, suggesting that inflation could remain benign for a while.
US private employers created 190,000 jobs in November, down sharply from the month before and roughly in line with economists’ expectations.
US import prices rose less than expected in October as an increase in the cost of imported petroleum and capital goods was offset by a decline in food prices.
U.S. producer prices rose in Sept as the price of gasoline recorded its biggest increase in more than two years amid production disruptions at oil refineries.
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