Wholesale prices leaped ahead by the biggest margin in seven months, propelled largely by soaring energy costs. That didn’t daunt U.S. industry, where production jumped by 0.8 percent, the most since December.
And in other economic news, the Commerce Department reported that the number of new housing projects builders broke ground on in April dropped by 7.4 percent to a seasonally adjusted annual rate of 1.849 million units, the lowest level in 17 months. The performance – weaker than analysts expected – was further evidence that the housing market is slowing.
