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U.S. producer prices rose by 0.2% in August 2024, aligning closely with market expectations, according to the U.S. Bureau of Labor Statistics. This increase marks a continuation of the upward trend, driven primarily by higher costs for services.
The Producer Price Index (PPI) for final demand, which reflects the prices received by producers for their goods and services, showed a year-over-year increase of 1.7%, the lowest since early 2024. This is a decrease from a 2.2% rise recorded in July. The core PPI, which excludes food and energy prices, saw a slightly higher increase of 0.3%, surpassing the anticipated 0.2% rise.
The rise in the PPI can be attributed to a 0.4% increase in prices for final demand services, while the index for final demand goods remained unchanged. The data comes as the Federal Reserve considers its next moves regarding interest rates, with the latest figures providing mixed signals about inflationary pressures in the economy.
In related economic updates, initial claims for unemployment benefits rose to 230,000 for the week ending September 7, an increase of 2,000 from the previous week and above the expected total of 225,000. This uptick in claims adds another layer of complexity to the economic landscape as policymakers assess the health of the labor market amid fluctuating inflation rates.
For further details, you can view the full article on Reuters.
Sources:
[1] https://tradingeconomics.com/united-states/producer-prices-change
[2] https://www.bls.gov/news.release/ppi.nr0.htm
[3] https://www.cnbc.com/2024/09/12/producer-price-index-august-2024-.html
[4] https://www.youtube.com/watch?v=hv8rPulcOLY
[5] https://www.bls.gov/news.release/pdf/ppi.pdf
[6] https://www.forexfactory.com/news/1303702-us-producer-price-index-august-2024
[7] https://www.reuters.com/markets/us/us-producer-prices-rise-slightly-above-expectations-august-2024-09-12/
[8] https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-09-12-2024/card/u-s-producer-prices-rise-0-2-in-august-in-line-with-expectations-tWgHgyijNE9FiLD5GdyL?mod=lctimeline_finance
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