Friday December 9, 2022

// December 9th, 2022 // Daily News

Wholesale prices rose 0.3% in November, more than expected, despite hopes that inflation is cooling

Wholesale prices rose more than expected in November as food prices surged, dampening hopes that inflation could be headed lower, the Labor Department reported Friday.

The producer price index, a measure of what companies get for their products in the pipeline, increased 0.3% for the month and 7.4% from a year ago, which was the slowest 12-month pace since May 2021. Economists surveyed by Dow Jones had been looking for a 0.2% gain.

Excluding food and energy, core PPI was up 0.4%, also against a 0.2% estimate. Core PPI was up 6.2% from a year ago, compared to 6.6% in October.

Stocks fell following the report after previously indicating a positive open on Wall Street. Treasury yields moved higher.

Markets now will turn their attention to the more closely watched consumer price index, which is due out Tuesday morning. A day later, the Federal Reserve will conclude a two-day meeting with an announcement on where interest rates are heading.

The hot inflation data keeps the Fed on track for another rate increase, likely a 0.5% hike that would push benchmark borrowing rates to a target range of 4.25%-4.5%. Policymakers have been pushing rates higher in an effort to quell stubborn inflation that has emerged over the past 18 months after being mostly dormant for more than a decade.

Today’s Inspiration

Jesus the Builder

Scripture Reading — Mark 6:1-6

Isn’t this the carpenter?
Mark 6:3

The gospel books (Matthew, Mark, Luke, John) focus on Jesus’ public ministry. For a period of three years he taught about the kingdom of God, healed the sick, fed the hungry, and even raised the dead. But before any of that, for about thirty years, Jesus lived in the family home. And for most of those years, he worked alongside his father Joseph in the family trade.

We think of Joseph as a carpenter, someone who worked with wood. But he may have been a stoneworker. The original language is not clear. What is clear is that Joseph was a builder of some sort. So he worked with his hands and with tools: perhaps making farm implements and furniture, or laying foundations. And Jesus did the same thing for probably about twenty years. The gospel books barely mention it. But they do give us that much.

Now, when Jesus began his teaching ministry, people for miles and miles around came to know him as a teacher and wonder-worker. They were in awe of him. But to the people in his hometown, he was just a guy who worked with tools in his hands. They couldn’t get beyond that.

We have the opposite problem. We know Jesus as the Son of God. And we can lose sight of his genuine humanity. But for most of his years, Jesus lived a life as ordinary as anyone’s, like yours or mine.

Jesus, you are the holy Son of God, and we praise you. You are also the ordinary son of Joseph, with tools in your hands—and to us that is wonderful. Amen.

Written by: Bob Arbogast

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