PPI Hits Its Highest Level Since 2022

On today’s Hot Sheet, Byron Lazine discussed the U.S. Bureau of Labor Statistics’ April PPI report showing final demand prices jumped 1.4%, the largest monthly increase since March 2022, with annual producer inflation rising to 6.0%.

He also covered the New York Fed’s Q1 Household Debt and Credit report, with total debt nearly flat at $18.8 trillion, student loan delinquencies rising to 10.3%, and credit card balances falling to $1.25T.

For today’s third topic, Byron reviewed HousingWire’s coverage of MBA data showing mortgage applications rose 1.7% for the week ending May 8, driven by a 4% increase in purchase activity as the 30-year fixed rate climbed to 6.46%.