Latest Labor and Commerce Department data reveals an unexpected jump in US import prices and a massive 19% surge in June housing starts.
Import prices in the U.S. unexpectedly saw further upside in the month of June, according to a report released by the Labor Department on Friday.
The Labor Department said import prices rose by 0.3 percent in June after jumping by a downwardly revised 1.7 percent in May.
Economists had expected import prices to decrease by 0.3 percent compared to the 1.9 percent surge originally reported for the previous month.
Meanwhile, the report said export prices slid by 0.6 percent in June after growing by a downwardly revised 1.2 percent in May.
Economists had expected export prices to fall by 0.4 percent compared to the 1.3 percent jump originally reported for the previous month.
A separate report released by the Commerce Department on Friday showed a substantial rebound in new residential construction in the U.S. in the month of June.
The Commerce Department said housing starts skyrocketed by 19.0 percent to an annual rate of 1.427 million in June after plummeting by 15.2 percent to a revised rate of 1.199 million in May.
Economists had expected housing starts to spike by 12.2 percent to an annual rate of 1.320 million from the 1.177 million originally reported for the previous month.
Meanwhile, the report said building permits slumped by 3.0 percent to an annual rate of 1.367 million in June after falling by 0.9 percent to a revised rate of 1.410 million in May.
Building permits, an indicator of future housing demand, were expected to edge down by 0.2 percent to an annual rate of 1.410 million from the 1.413 million originally reported for the previous month.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of June. Industrial production is expected to rise by 0.2 percent in June after inching up by 0.1 percent in May.
The University of Michigan is due to release its preliminary report on consumer sentiment in the month of July at 10 am ET. The consumer sentiment index is expected to climb to 51.3 in July from 49.5 in June.