Economic news

US producer prices rise moderately in June

2024.07.12 09:47

WASHINGTON (Reuters) – U.S. producer prices increased moderately in June, further confirmation that inflation had resumed its downward trend and strengthening the case for a September interest rate cut.

The producer price index for final demand rose 0.2% last month after being unchanged in May, the Labor Department’s Bureau of Labor Statistics said on Friday. Economists polled by Reuters had forecast the PPI nudging up 0.1%.

In the 12 months through June, the PPI increased 2.6% after advancing 2.4% in May.

The government reported on Thursday that consumer prices fell for the first time in four years in June amid cheaper gasoline and a broad deceleration in the costs of goods and services, including rents.

The tame inflation data followed news last week of a rise in the unemployment rate to a 2-1/2 year high of 4.1%.

With the Federal Reserve now wary of labor market weakness, economists and financial markets are increasingly betting on a rate cut in September, with another reduction in borrowing costs expected in December.

© Reuters. People display merchandise for pedestrians around Times Square, in New York, U.S., December 25, 2023. REUTERS/Eduardo Munoz/File Photo

Fed Chair Jerome Powell acknowledged the improving inflation environment during his testimony before lawmakers this week, but also highlighted the risks to the labor market saying “we have seen considerable softening.”

The U.S. central bank has maintained its benchmark overnight interest rate in the current 5.25%-5.50% range since last July. It has hiked its policy rate by 525 basis points since 2022.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 84,361.60 2.93%
ethereum
Ethereum (ETH) $ 1,927.77 1.81%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.45 6.92%
bnb
BNB (BNB) $ 592.69 1.64%
solana
Solana (SOL) $ 134.07 7.46%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.750552 6.09%
dogecoin
Dogecoin (DOGE) $ 0.174087 3.24%
tron
TRON (TRX) $ 0.222513 1.45%
staked-ether
Lido Staked Ether (STETH) $ 1,926.42 1.96%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,173.55 3.02%
pi-network
Pi Network (PI) $ 1.44 14.02%
chainlink
Chainlink (LINK) $ 14.10 5.74%
leo-token
LEO Token (LEO) $ 9.76 0.52%
stellar
Stellar (XLM) $ 0.279941 2.40%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,310.20 2.18%
usds
USDS (USDS) $ 0.999958 0.00%
hedera-hashgraph
Hedera (HBAR) $ 0.195097 2.81%
avalanche-2
Avalanche (AVAX) $ 18.81 0.91%
sui
Sui (SUI) $ 2.41 10.85%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 3.52%
the-open-network
Toncoin (TON) $ 2.96 5.92%
litecoin
Litecoin (LTC) $ 91.86 3.30%
bitcoin-cash
Bitcoin Cash (BCH) $ 333.87 1.99%
polkadot
Polkadot (DOT) $ 4.29 6.57%
mantra-dao
MANTRA (OM) $ 6.37 1.43%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
weth
WETH (WETH) $ 1,927.87 1.97%
bitget-token
Bitget Token (BGB) $ 4.43 5.51%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.09%
hyperliquid
Hyperliquid (HYPE) $ 14.48 10.00%
whitebit
WhiteBIT Coin (WBT) $ 28.48 1.17%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,048.41 2.03%
monero
Monero (XMR) $ 211.38 1.68%
uniswap
Uniswap (UNI) $ 6.14 4.14%
susds
sUSDS (SUSDS) $ 1.04 0.07%
aptos
Aptos (APT) $ 5.31 3.17%
dai
Dai (DAI) $ 0.999965 0.01%
near
NEAR Protocol (NEAR) $ 2.65 0.41%
pepe
Pepe (PEPE) $ 0.000007 3.24%
ondo-finance
Ondo (ONDO) $ 0.880811 4.63%
okb
OKB (OKB) $ 45.91 9.00%
internet-computer
Internet Computer (ICP) $ 5.71 4.01%
ethereum-classic
Ethereum Classic (ETC) $ 18.08 0.71%
aave
Aave (AAVE) $ 176.17 6.67%
gatechain-token
Gate (GT) $ 21.51 4.60%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,361.60 2.98%
mantle
Mantle (MNT) $ 0.733752 1.71%
official-trump
Official Trump (TRUMP) $ 12.07 3.40%