For investors puzzling over how to read Thursday's tame producer-price index versus the hotter-than-expected consumer-price index data from a day ago, FHN Financial strategist Will Compernolle attempted to explain the differences.

Still, FHN Financial’s Chris Low points out that while a bigger labor force puts downward pressure on wages, “it also puts upward pressure on prices.” After all, “more people are eating, driving and living here.”