Futures pare gains after stronger-than-expected economic data By Reuters
2023-09-14 21:25:16

(Reuters) - U.S. stock index futures pared gains on Thursday after stronger-than-expected economic data deepened worries about sticky inflation, fueling concerns the Federal Reserve could keep interest rates higher for longer.

A Labor Department report showed monthly producer prices for final demand rose 0.7% in August, against expectations of a 0.4% increase. On an annual basis, inflation rose 1.6% compared with estimates of a 1.2% rise.

Another report from the Commerce Department showed retail sales climbed 0.6% last month, against estimates of a 0.2% rise.

Investors also digested the jobless claims data for the week ended Sept. 9, with the number of Americans filing for employment benefits at 220,000. Economists polled by Reuters had estimated 225,000 claims.

At 8:33 a.m. ET, were up 79 points, or 0.23%, were up 14 points, or 0.31%, and were up 44.25 points, or 0.28%.

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