US producer prices increase less than expected in July
TradingKeyAug 13, 2024 1:22 PM
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- U.S. producer prices rose less than anticipated in July, with a 0.1% increase due to cheaper services offsetting higher goods costs, reflecting ongoing inflation moderation.
- The Labor Department reported that the producer price index for final demand inched up by 0.1% last month, below the expected 0.2% increase, marking a 2.2% rise over the past 12 months.
- Amidst slowing inflation and a softening labor market, markets anticipate the Federal Reserve to commence an easing cycle in September, potentially considering a 50 basis points rate cut due to rising concerns over labor market weakness.
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