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Surging fuel costs spur wholesale inflation. Producer prices rose more than expected last month, up 0.5% from April and 3.1% year over year, to more than 6-year highs. Growth in the headline reading was driven primarily by rising fuel costs, as wholesale gasoline prices spiked 10% from the prior month. When stripped out, core inflation rose a more modest 2.3% from a year ago. (LPL)

Consumer inflation ticks higher. The year-over-year rate of growth in the consumer price index (CPI), was 2.8%, bested consensus expectations for a 2.7% as energy costs continued to rise. Meanwhile, the core reading, which strips out the more volatile food and energy components, held steady month over month at +2.1% as medical care services and auto prices rose, while growth in transportation costs moderated. (LPL)

Small Business Optimism Index Continues Historic Highs. NFIB’s Small Business Optimism Index for May was the second-highest in the 45-year-history of the survey. The index saw a three-point gain, rising to 107.8. Positive earnings trends reached a survey high, and positive sales trends are at their highest level since 1995.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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