Most important economic report of the day turned out to not be CPI

Another economic report stole the consumer price index's thunder, with investors focusing more on a jump in jobless claims than the latest inflation figures. Initial jobless claims for the week that ended Sept. 6 jumped by 27,000 from the prior period to 263,000. That exceeded a Dow Jones estimate of 235,000 and was the highest reading since late 2021. The report pointing to further signs of a slowing labor market overshadowed the Labor Department's CPI report, which was in line with expectations except for the headline month-over-month change . "Today's CPI report has been trumped by the jobless claims report," said Seema Shah, chief global strategist at Principal Asset Management. "While the CPI report is a tad hotter than expected, it will not give the Fed a moment of hesitation when th