The Producer Price Index dropped a much-steeper-than-expected 1.6% in October - a stark change since the back-to-back 0.4% gains recorded in August and September. The decrease in prices in October sharply exceeded Wall Street economists' forecasts for a 0.4% fall and was the biggest slide for any month since the government began keeping records in 1947, according to press reports.
Markets & Finance
Treasuries Finish Down
U.S. Treasuries finished lower, as equities edged higher. In economic news, the Labor Department reported U.S. wholesale prices plunged at the sharpest rate on record in October, as a slowing global economy lowered imported energy prices. Prices also were impacted by domestic carmakers offering cut-rate financing to attract buyers after the Sept. 11 attacks.