U.S. wholesale inflation rose sharply in July, with the producer price index (PPI) recording its largest monthly gain in three years, driven by higher margins as companies pass on increased import costs from tariffs.
- PPI rose 0.9% in July from June, up 3.3% year-over-year.
- Service costs increased 1.1%, led by a 2% jump in wholesaler and retailer margins.
- Goods prices excluding food and energy rose 0.4%.
- Initial jobless claims fell by 3,000 to 224,000 for the week ended Aug. 9.
- Continuing claims declined to 1.95 million, remaining near the highest since 2021.
- Federal Reserve expected to cut rates in September amid cooling labor market.
- President Trump nominated EJ Antoni to lead the Bureau of Labor Statistics.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
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