Midday Market 05/11: Optimism from PPI, job market begins to show cracks

Producer inflation PPI hits lowest level since early 2021

• April PPI down to +2.3% YoY (2.7% previous month and 2.5% forecast) despite slight +0.2% MoM increase (forecast +0.3%)

• Core PPI slows from +3.7% previous month to +3.4% YoY in April, with intermediate PPI showing clear deflation signs