Here's the "UP" side:
"Energy costs drive up wholesale prices in July; Increase more than twice expected rate" by Associated Press | August 20, 2008
WASHINGTON - Wholesale inflation surged in July, leaving prices for the past year rising at the fastest pace in 27 years, according to government data released yesterday.
That's because the dollar isn't worth a soft-serve swirley!
The Labor Department reported that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy, motor vehicles, and other products. The increase was more than twice the 0.5 percent gain that economists expected.
Core prices, which exclude food and energy, rose 0.7 percent. That increase was the biggest since November 2006 and more than triple the 0.2 percent rise in core prices that had been expected.
The bad news on wholesale prices followed a report last week that consumer prices shot up by 0.8 percent in July, leaving consumer inflation rising at the fastest pace since 1991.
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Like fodder, like son!!!!
Now the DOWN:
"Crude, heating oil prices rally on weaker dollar" by Associated Press | August 20, 2008
NEW YORK - Oil prices rebounded yesterday, jumping above $114 barrel after the dollar weakened against the euro.
At the pump, retail gas prices continued to decline, suggesting cash-strapped Americans are still cutting back on driving. A gallon of regular slipped another penny overnight to a national average of $3.73.
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"Housing starts fall to 17-year low in July; Drop could reduce glut of unsold homes" by Associated Press | August 20, 2008
WASHINGTON - Construction of homes and apartments fell in July to the lowest level in more than 17 years, but some economists said the drop could aid the slumping housing sector by helping cut a glut of unsold properties.
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