The PPI fell by 0.3% in June following a 0.6% gain in May, with energy prices down 6.4% and food prices down 0.6%.
Core prices, which exclude food and energy, rose by 0.2% after a 0.1% increase in the previous month.
The year-over-year rise in producer prices slowed to 5.5% from 6% in the prior month, but core prices accelerated to 4.7% year-over-year from a 4.6% year-over-year increase in the previous month.
The Empire State index rose to 15.6 in July from 5.7 in June, suggesting more widespread expansion for the first manufacturing reading for the month.
The Mortgage Bankers Association reported a 2.7% decline in mortgage applications in the week ending July 10 after a 2.2% drop in the previous week. New home applications fell due to an increase in mortgage rates to the highest level since August 2025, while refinancing activity improved.
Total crude oil inventories fell by 4.7 million barrels in the week ended July 10, with commercial oil inventories down 1.7 million barrels and stocks in the US Strategic Petroleum Reserve down 3 million barrels. Gasoline inventories decreased last week while distillate inventories increased.