Economic Data and Growth
Producer Prices Unchanged as Inflation Slows
August 17, 2026The Producer Price Index for final demand (also known as wholesale prices) was unchanged over the month in July after edging down 0.1% in June. Over the year, producer prices increased 4.7%, down from the 5.5% gain in June. Meanwhile, prices for final demand excluding foods, energy and trade services climbed 4.7% from July 2025…
Consumer Prices Rise, Annual Inflation Eases
August 17, 2026In July, consumer prices increased 0.1% from June and 3.4% over the year, down from the 3.5% annual rise in June. Core CPI, which excludes more volatile energy and food prices, rose 0.2% in July and 2.5% over the year, down from the 2.6% 12-month growth the prior month. Energy costs declined 1.5% over the…
Small Business Optimism Above Average on Hiring and Investment Plans
August 17, 2026The NFIB Small Business Optimism Index increased 2.4 points to 99.8 in July, climbing above the 52-year average of 98. July’s gain was due to an improvement in hiring and capital investment plans. Of the 10 components in the index, eight increased and two decreased. Meanwhile, the Uncertainty Index rose 2 points to 91, still…
Permits Retreated While Multifamily Homes Drive Housing Starts
July 20, 2026Building permits decreased 3.0% in June and 2.3% over the year. Permits for single-family homes in June declined 2.4% and 0.2% over the year. At the same time, permits for buildings with five or more units fell 4.9% from May and 6.3% over the year. In June, housing starts jumped 19.0% from May and were…
Small Business Outlook Improves, with Inflation Now the Top Concern
July 20, 2026The NFIB Small Business Optimism Index increased 2.1 points to 97.4 in June, remaining slightly below the 52-year average of 98. June’s advance was due to an improvement in expectations for better business conditions and real sales expectations. Of the 10 components included in the index, seven increased and three decreased. Meanwhile, the Uncertainty Index…
Import Prices Keep Rising, While Export Prices Pull Back
July 20, 2026U.S. import prices increased 0.3% in June after rising 1.7% in May, with higher nonfuel prices offsetting lower prices for fuel imports. Over the year, import prices advanced 7.1% in June, the largest 12-month increase since August 2022. Meanwhile, U.S. export prices declined 0.6% in June, driven by lower prices for nonagricultural exports. Over the…
New York Factory Activity Gains Speed, with Shipments at a Four-Year High
July 20, 2026Manufacturing activity in New York state expanded at a faster pace in July, with the headline business conditions index rising 9.9 points to 15.6. The new orders index surged 18.7 points to 22.2, while the shipments index jumped 15.8 points to 24.4, a four-year high. Unfilled orders were unchanged at 5.0, while inventories moved up…
Philly Manufacturing Activity Sees Highest Level Since 2021, While Future Expectations Ease
July 20, 2026In July, Philadelphia’s regional manufacturing activity expanded to its highest level since November 2021, with the index for general business activity climbing from 10.3 to 41.4. This month, 53.1% reported increases, while 11.7% reported decreases. New orders rose, moving up from 27.3 to 37.0, while shipments advanced from 14.9 to 33.7. Meanwhile, the employment index…
Factory Output Stalls, with Mixed Results Across Market Groups
July 20, 2026Industrial production edged up 0.1% in June, while manufacturing output stayed the same after ticking up 0.1% in May. At 97.9% of its 2017 average, manufacturing production moved up 1.1% from June 2025. Capacity utilization for manufacturing was 75.7%, down slightly from 75.8% in May but up 1.1% over the past year. Capacity utilization remained…
Wholesale Prices Retreat After Energy Goods Reverse Course
July 20, 2026The Producer Price Index for final demand (also known as wholesale prices) declined 0.3% over the month in June after rising 0.6% in May. Over the year, producer prices increased 5.5%, down from the 6.0% gain in May. Meanwhile, prices for final demand excluding foods, energy and trade services climbed 5.1% from June 2025, a…
