Import prices in the U.S. edged slightly lower in the month of March, according to a report released by the Labor Department on Tuesday.
The Labor Department said import prices slipped by 0.1 percent in March after rising by a downwardly revised 0.2 percent in February.
Economists had expected import prices to come in unchanged compared to the 0.4 percent increase originally reported for the previous month.
Meanwhile, the report said export prices were flat in March after climbing by an upwardly revised 0.5 percent in February.
Economists had expected export prices to come in unchanged compared to the 0.1 percent uptick originally reported for the previous month.
A separate report released by the Federal Reserve Bank of New York showed regional manufacturing activity has declined modestly in the month of April.
The New York Fed said its general business conditions index jumped to a negative 8.1 in April after plunging to a negative 20.0 in March, although a negative reading still indicates contraction. Economists had expected the index to rise to a negative 14.5.
Looking ahead, the New York Fed said firms expect conditions to worsen in the months ahead, with the index for future business activity plunging to a negative 7.4 in April from a positive 12.7 in March.
At 11:35 am ET, Richmond Federal Reserve President Thomas Barkin is scheduled speak on “Driving Through the Economic Fog” before a luncheon at the University of North Carolina, Pembroke.
Federal Reserve Board Governor Lisa Cook is due to deliver 2025 Distinguished Alumna Award acceptance remarks at the Cal Alumni Club of Washington, D.C. Annual Reception at 7:10 pm ET.