The producer price index was expected to show a 0.1% increase in May, according to economists surveyed by Dow Jones.
The producer price index, a gauge of prices that producers get for their goods and services in the open market, declined 0.2% for the month against expectations for a 0.1% increase.
In other economic news, initial claims for unemployment insurance jumped to 242,000 for the week ended June 8. That's the highest level since August 2023., a gauge of prices that producers get for their goods and services in the open market, declined 0.2% for the month, the Labor Department's Bureau of Labor Statistics reported Thursday. That reversed a 0.5% increase in April and compared with the Dow Jones estimate for a 0.1% rise.
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