02:50 PM EDT, 07/16/2025 (MT Newswires) -- The PPI was unchanged in June following a 0.3% gain in May, with energy prices up 0.6% and food prices up 0.2%.

Core prices, which exclude food and energy, were also flat, below expectations, after a 0.4% increase in the previous month. Services prices were down 0.1% in June, with trade services prices flat.

The year-over-year rise in producer prices slowed to 2.3% from 2.7% in the prior month, while core prices slowed to 2.6% year-over-year after a 3.2% year-over-year increase in the previous month, still elevated.

June industrial production rose by 0.3% after a flat reading in May, with manufacturing production rose by 0.1% overall but up 0.3% excluding a 2.6% drop in motor vehicle and parts production.

Utilities output surged by 2.8% on a plunge in electricity prices. Mining production fell by 0.3%.

The New York Federal Reserve's monthly business leaders index, a measure of services conditions, rose to minus 9.3 in July from minus 13.2 in June, indicating a slower pace of contraction. Other services data will be released over the coming weeks.

The Mortgage Bankers Association reported a 10% decline in mortgage applications in the week ended July 11 after a 9.4% gain in the previous week. Refinancing activity and new home applications both declined due to an increase in mortgage rates.

Total crude oil inventories fell by 4.2 million barrels in the week ended July 11, with commercial oil inventories down 3.9 million barrels and stocks in the US Strategic Petroleum Reserve down 300,000 barrels. Gasoline inventories and distillate inventories both increased last week.