PPI tanks this month. I don't understand why this wasn't expected. The July data point was nonsensical, so August is essentially a correction:
(Reuters) - S&P 500 and Nasdaq futures extended gains on Wednesday, after cooler-than-expected producer prices data for August boosted expectations for a September interest-rate cut from the Federal Reserve.
A Labor Department report showed the Producer Price Index rose 2.6% on an annual basis in August, compared with a 3.3% gain expected by economists polled by Reuters. On a monthly basis, it fell 0.1% compared with an estimated 0.3% rise.
Excluding volatile food and energy components, core PPI rose 2.8% on an annual basis, compared with an expected 3.5% rise.