Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, according to the Labor Department. The producer price index accelerated 0.7% for the month, above the 0.6% Dow Jones estimate. On a year-over-year basis, the gauge rose 8.3%, which is the biggest annual increase since records have been kept going back to November 2010.
First-time filings for unemployment claims in the U.S. dropped to 310,000 last week, easily the lowest of the Covid era and a significant step toward the pre-pandemic normal. The total for the week ended Sept. 4 represented a substantial drop from the previous week’s 345,000 and is the lowest since March of 2020.
Shares of the biotech company Moderna rose after they announced they are developing a two-in-one vaccine booster shot that protects against both Covid-19 and the seasonal flu. The new vaccine, which the company is calling mRNA-1073, combines Moderna’s current COVID vaccine with a flu shot that’s also under development, according to a press release. Shares of Moderna jumped by more than 5% after the announcement.