Economic news

U.S. index of producer prices adds boosted by services sector

Manufacturer prices in the U.S. grew exceeding forecasts last month due to rise in services and cars costs, causing the highest jump in over 6 years.

The Labor Department’s index of producer prices for final demand showed today a 0.3% hike in June, driven up by gaining gasoline prices. The index of May climbed 0.5%. 12-month period from May 2017 to June this year recorded a 3.4% increment in the index, the maximum growth from the end of 2011.

May’s year-on-year reading for producer prices added 3.1%. In a Reuters poll experts’ estimate had resulted at 0.2% rise in the producer price index for June, whereas projected year-on-year figure at 3.2%.

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