The U.S. Bureau of Labor Statistics published today the Producer Price Index News Release for March 2020.
Generally the data came above expectations, they were not that bad, and didn’t fully reflect the actual downturn in the economy.
what we should really pay attention to, is what was mentioned in the report about the Coronavirus (COVID-19) Impact on March 2020 Producer Price Index Survey Data.
As stated in the report, pricing date was March 10, which don’t fully grasp the frear coming later among investors and consumers, along with the shutdown of many factories and businesses.
Moreover, a great part of the increase in PPI data was from services sector with a 1.5% increase from a year ago, while Final demand goods fall by 1.2% from a year ago.
As of March 10th the virus was still spreading at lower rates with 975 cases and about 30 deaths .