Industrials Down After Producer Price Data -- Industrials Roundup

Shares of industrial and transportation companies fell after a slowdown in wholesale inflation was not as pronounced as expected.

The producer-price index, which generally reflects supply conditions in the economy, rose 7.4% in November from a year earlier, down from October's revised 8.1% increase, but above economists' targets.

"As we speak to company management teams, clearly inflationary pressures are abating, from input costs to supply chain pressures, and in some cases demand and wages," said Matt Peron, director of research at Janus Henderson Investors, in a note to clients.

"However, that is not yet being reflected in the official inflation statistics ... ."

Workers at an Ohio battery plant co-owned by General Motors voted to be represented by the United Auto Workers.

Jeep maker Stellantis said it would stop operations at a 1,350-employee assembly plant in Illinois, citing the need to control costs in the face of supply-chain disruptions and a shift to making electric vehicles.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

12-09-22 1744ET