PPI up 1.8% – another classic smack down b/w Rick Santelli and Liesman

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US producer prices rose more than expected in November, lifted by a surge in energy costs, and recorded the first year-on-year gain since last November, according to a government report on Tuesday

…The Labor Department said the seasonally adjusted index for prices paid at the farm and factory gate jumped 1.8 percent, the largest gain in three months, following a 0.3 percent rise in October.

Analysts polled by Reuters had expected producer prices to increase by 0.8 percent last month. Compared with the same period last year, producer prices surged 2.4 percent in November, posting their first gain in a year and the largest rise since October 2008….

Empire State Index:

…The New York Fed’s “Empire State” general business conditions index fell (TO) 2.55 in December from 23.51 in November.

This was the biggest monthly decline on record and the lowest reading since July 2009 when it was at minus 0.55. The index has risen from a record low of minus 22.23 in March….

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