Producer prices, which measures wholesale prices paid by companies and could be viewed as a leading indicator of future consumer inflation, decreased by .5% in July from the prior month. The July decline was largely due to falling gasoline prices. Even though prices declined month to month they were still 9.8% higher than last year at this time.
If Disney+’s subscriber growth is any indication, the rumors that the global streaming market is nearing saturation have been proven untrue. The Walt Disney Company reported that total Disney+ subscriptions rose to 152 million during the fiscal third quarter, higher than the 147 million analysts had forecast. Disney also posted better-than-expected earnings on both the top and bottom line, bolstered by increased spending at its domestic theme parks. Shares of the stock are higher on the news.
New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023. The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released Wednesday. That would amount to an extra $158.98 per month for the average retiree benefit of $1,656, according to the group’s calculations.