The producer price index (PPI), the change in prices paid to producers of goods and services, has increased 11.3% since last June.
That's according to the latest report from the Bureau of Labor Statistics (BLS), which comes one day after headline inflation hit another four-decade high. (RELATED: Inflation Report Offers Lessons to Fiscally Reckless Politicians)
Like yesterday's consumer price index (CPI) figure, the worse-than-expected numbers underscore the stubborn nature of the current economic malaise.
That economic reality will likely push the Biden administration into an even more precarious political position – as the struggling economy remains the public's biggest concern. (RELATED: Brutal New Poll Shows Biden Losing Support Among Every Group of Americans – But Especially Independents and Hispanics)
Numerous outlets have reported that most Americans consider a recession inevitable. CNBC notes how many have already taken steps to prepare:
In order to prepare for a downturn, many are focused on keeping their spending in line — 62% of respondents said they are cutting back on spending, while 39% are sticking to a budget. Those steps can be important in the event of a job loss or other financial setback, experts say. Others are building emergency savings, with 26%.
MagnifyMoney respondents also reported taking steps to shore up their income streams, with 24% working a side gig and 6% improving job performance. Another 6% reported adjusting their investment portfolio.
Eleven percent of respondents admitted they've done nothing – yet.
Stocks plummeted more than 600 points following today's report with investors increasingly worried about the Fed further tightening monetary policy.
CNBC's Samantha Subin and Carmen Reinicke add:
Thursday's market moves come after the consumer price index for June came in hot at 9.1% and opened the door for a big Federal Reserve rate increase later this month, with the fed funds futures market now pricing in a hike of as much as 100 basis points. The Beige Book, released Wednesday by the Fed, showed worries of an upcoming recession amid high inflation.
June's CPI report also affected Treasurys and sent the inversion, which is a popular signal of a looming recession, to its widest since 2000 on Thursday.
CUT waste
CUT spending
CUT Govt size
There are so many departments that duplicate work in our government that we could cut the number of federal employees in half and there would be no differences in how the government operates. Term limits for all elected or appointed officials, and only a 401k or an IRA as their retirement, same as we the taxpayers have. All of that and we could probably pay down to at least half of our national debt.