Job Creators Network Responds to June PPI

Alfredo Ortiz, CEO of Job Creators Network, released the following statement in response to the June PPI, which was unchanged for the month and increased by 2.3% year over year. CORE PPI was also unchanged for the month and increased 2.5% year over year:

“Wholesale price inflation was nonexistent last month, coming in below expectations, and remains low over the year, a major victory for small businesses. This low inflation is a result of the Trump administration’s pro-energy and fiscally responsible policies. Given that the Producer Price Index is a leading indicator of inflation for consumers, the Federal Reserve should give special consideration to this number and reduce interest rates at its next meeting. Small businesses are winning via expanded and permanent tax cuts and low inflation, but they still face high barriers to access credit. By reducing interest rates, the Fed can boost access to capital and compound the benefits of the tax cuts.”