02:44 PM EDT, 09/13/2024 (MT Newswires) -- Import prices fell by 0.3% in August after July's 0.1% gain, a larger drop than the 0.2% decline expected and down 0.1% when a 3.2% drop in petroleum prices is excluded.

Export prices declined by 0.7% in August, below a 0.2% drop expected following a 0.5% increase in the previous month. Export prices were down 0.6% when a 2% decline in agricultural commodities prices was excluded.

The preliminary Michigan Sentiment index rose to 69.0 in September from 67.9 in August, above a reading of 68.5 expected.

According to Michigan, consumers' assessment of current conditions and the near-term outlook both improved in September.

One-year inflation expectations slowed to 2.7% from 2.8% in August, but five-year expectations rose to 3.1% from 3% in the previous five months.

The St. Louis Fed's GDP nowcast estimate for Q3 is for a 1.57% gain, revised down from 2.06% in the previous estimate.