PPI +0.6%, Double Expectations; Jobless Claims 473K

After yesterday's colossal Consumer Price Index (CPI) print blew the doors off expectations — and helped send market indexes into a downward trajectory — this morning's Producer Price Index (PPI) backed the high-growth narrative further upstream: +0.6% was the headline number, double expectations on the Street. This was down from the +1.0% reported a month ago; expectations had been for April to be a cooling off period, although whisper numbers had grown since the CPI release.