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2026-07-15 20:50:12
[US Core PPI Unexpectedly Slows to 4.7% in June, New York Fed Manufacturing Rebounds Strongly, Inflationary Pressures Ease Marginally] ⑴ Data released by the US Bureau of Labor Statistics on Wednesday showed that the year-on-year increase in core PPI unexpectedly slowed to 4.7% in June, with a month-on-month increase of only 0.2%, indicating that the transmission effect of the conflict related to Iran on production-side prices remains to some extent under control. The overall PPI rose 5.5% year-on-year. ⑵ On the same day, the New York Fed released its July manufacturing sentiment index, which rebounded sharply, with both new orders and shipments increasing. The employment indicator climbed to its highest level since December 2022, showing a significant acceleration in the expansion of manufacturing activity in the region. ⑶ Although the manufacturing price payment index remains high, it has fallen from its previous peak. At the same time, companies' expectations for future payment and sales prices have declined, which may indicate that upstream cost pressures are likely to continue to ease. ⑷ The unexpected slowdown in core PPI, coupled with the cooling of manufacturing price expectations, provides the market with a positive signal of marginal easing of inflationary pressures. Further monitoring is needed to see if this trend can be verified in more data.
