U.S. producer prices unexpectedly rose in August and underlying producer prices ...
WASHINGTON - U.S. producer prices unexpectedly rose in August and underlying producer prices rebounded, but that data will not change financial market expectations that the Federal Reserve will cut interest rates again next week to support a slowing economy.
The Labor Department said its producer price index for final demand edged up 0.1% last month as a jump in the cost of services offset the largest drop in the price of goods in seven months. That followed a 0.2% gain in July. Excluding the volatile food, energy and trade services components, producer prices jumped 0.4% last month after dipping 0.1% in July, the first decline since October 2015.The Fed, which has a 2% annual inflation target, tracks the core personal consumption expenditures price index for monetary policy. The core PCE price index increased 1.6% on a year-on-year basis in July and has undershot its target this year.
U.S. tariffs on Chinese goods were this month broadened to include an array of consumer goods. There are fears the manufacturing downturn could spill over into the broader economy and derail the longest economic expansion in history, now in its 11th year. The economy is being supported by robust consumer spending via a strong labor market.In August, wholesale energy prices fell 2.5% after rebounding 2.3% in the prior month. They were weighed down by a 6.
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