A report from the Labor Department, released on Thursday, unexpectedly revealed a decline in U.S. producer prices for May.
The department's data indicated that the producer price index for final demand decreased by 0.2 percent in May, following a 0.5 percent increase in April. This was contrary to economists' forecasts, who had anticipated a modest rise of 0.1 percent for May.
Additionally, the report highlighted that the annual growth rate of producer prices slowed to 2.2 percent in May, down from an upwardly revised 2.3 percent in April. Economists had projected an acceleration in the annual growth rate to 2.5 percent, contrasting with the originally reported 2.2 percent for the previous month.
