Jim Cramer Suggests Latest Inflation Number Spells Doom for Economy: ‘There’s Just Nothing Good Here’

CNBC anchor Jim Cramer suggested the latest inflation number spells doom for President Joe Biden’s economy.

The Bureau of Labor Statistics reported on Wednesday that the Producer Price Index increased 0.4 percent in September, an increase of 0.1 percentage point from August. “Prices for final demand less foods, energy, and trade services advanced 0.4 percent in September, the largest rise since increasing 0.5 percent in May. For the 12 months ended in September, the index for final demand less foods, energy, and trade services moved up 5.6 percent,” according to BLS. “Most of the September increase is attributable to a 0.6-percent rise in the index for final demand services less trade, transportation, and warehousing.”

Moreover, according to BLS, “over a quarter of the September increase in the index for final demand services can be traced to a 6.4-percent advance in prices for traveler accommodation services. The indexes for food and alcohol retailing, portfolio management, machinery and vehicle wholesaling, oil and gas well drilling services, and hospital inpatient care also rose.”

Cramer did not hold back in his reaction to the report.

“It was just plain bad. There’s absolutely nothing to say about it other than it was bad. A lot of people were hoping this number’s going to be good, maybe accepting that tomorrow’s going to be bad,” he said on CNBC’s Squawk Box. “The only thing that’s actually even remotely positive about it is that there’s nothing that’s really shocking to the upside, it’s just kind of as bad as it’s been.”

“There’s no relief here … there’s just nothing good here,” he added.

Biden told CNN anchor Jake Tapper in an interview that aired on Tuesday that there won’t be a recession but if there is one, “it will be a very slight recession.”

Watch above via CNBC.