US producer prices pick up slightly after downward revisions
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US producer price index (PPI) for final demand increased 0.2% in August 2024 from July, which was revised to a flat reading; year-over-year PPI rose 1.7%, the least since early 2024; PPI excluding food and energy climbed 0.3% in August and 2.4% year-over-year; services costs rose 0.4%, driven by guestroom rentals; prices of goods remained unchanged; initial unemployment insurance filings rose slightly for the week ending Sept 7; Fed projected to cut rates amid concerns about labor market durability; August PCE price gauge data due later this month.
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