Key U.S. economic data were released this morning. The Producer Price Index climbed 2% in November – 1.3% excluding food and energy. Also, housing starts were up 1.58 million units in November. That’s a 6.7% jump compared with a 13.7% drop in October. CNBC’s Steve Liesman and UBS Investment Research Chief U.S. Economist Maury Harris appeared on “Squawk Box” to break down the numbers.
Both Liesman and Harris are having trouble trusting the reports, saying that when the numbers are taken into context with last month, there’s no proof of a renewed inflation story.