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Another round of inflation figures from the US – what did they reveal?
US Initial Jobless Claims Rise More than Expected
The number of people claiming unemployment benefits in the US rose by 9,000 to 209,000 on the first week of August, above market expectations of 202,000. Continuing claims, which are seen as a gauge of outstanding unemployment in the US, declined by 22,000 to 1,777,000 in the earlier week. The data pointed to some resilience in the US despite weaker signals from the latest BLS jobs report, broadly aligning with statements from FOMC members that see the US economy in full employment. Meanwhile, initial claims filed by federal employees, which have been under scrutiny due the administration’s efforts in decreasing the number of public workers, fell by 49 to 401.
US Core Producer Prices Rise Less than Expected
Core producer prices in the United States, which exclude food and energy goods, rose 0.2% from the previous month in July of 2026, slowing from the upwardly revised 0.4% increase in the previous month. This contrasted with market expectations of a 0.3% increase, reflecting a soft initial transmission of the rebound in energy prices to underlying sections of wholesale trade. From the previous year, core producer inflation rose by 4.2%.
US Producer Prices Flat in July
US producer prices were unchanged in July 2026, following a revised 0.1% fall in June and compared with market expectations of a 0.2% gain. A 0.2% increase in the index for services and a 2.2% advance in prices for construction offset a 0.7% decrease in the index for goods. Services prices rose at a slower pace than in June (0.2% vs 0.5%), while portfolio management costs jumped 6.5%, contributing significantly to the increase. By contrast, transportation and warehousing services fell 1.8%. Goods prices declined for a second consecutive month (-0.7% vs -1.4%), largely due to a 3.1% drop in energy prices, including a 5.7% plunge in gasoline prices. Food prices also fell 0.9% (vs -0.5%), while prices for goods excluding food and energy edged up 0.1% (vs 0.2%). Year-on-year, producer prices increased 4.7%, well below 5.5% in June and forecasts of 4.9%. Meanwhile, core producer prices rose 0.2%, below forecasts of 0.3% and the annual core rate came in at 4.2%, in line with expectations.
