US PPI for final demand was flat (vs 0.2% MoM expected) on a monthly basis and up 2.3% YoY in June, down from 2.7% YoY in May and the lowest since September 2024.

• Core PPI (excluding food, energy, and trade services) was also flat MoM and up 2.5% YoY, down from 2.8% YoY previously and the lowest since November 2023.
• Final demand goods PPI rose 0.3% MoM, driven by a 0.3% increase in core goods, a 0.6% rise in energy, and a 0.2% gain in food.
• Final demand services PPI fell -0.1% MoM, led by a -4.1% drop in traveler accommodation; trade margins were flat, and transportation services dropped -0.9%.
• Processed goods for intermediate demand edged up 0.1% MoM and 1.9% YoY, with natural gas to electric utilities rising 12.1%.
• Unprocessed goods for intermediate demand rose 0.7% MoM but fell -1.3% YoY; natural gas and slaughter cattle prices increased, while chicken eggs fell -25.0%.
• Services for intermediate demand declined -0.1% MoM but rose 1.4% YoY; deposit services fell -5.4%, while freight forwarding jumped 8.0%.