Consumer prices in the U.S. unexpectedly edged slightly lower in the month of June, according to a highly anticipated report released by the Labor Department on Thursday.
The Labor Department said its consumer price index slipped by 0.1 percent in June after coming in unchanged in May. Economists had expected consumer prices to inch up by 0.1 percent.
Excluding food and energy prices, core consumer prices crept up by 0.1 percent in June after rising by 0.2 percent in May. Core prices were expected to increase by another 0.2 percent.
The report also said the annual rate of consumer price growth slowed to 3.0 percent in June from 3.3 percent in May. Economists had expected the pace of price growth to decelerate to 3.1 percent.
The annual rate of core consumer price growth also slowed to 3.3 percent in June from 3.4 percent in May. The pace of growth was expected to remain unchanged.
A separate report released by the Labor Department showed first-time claims for U.S. unemployment benefits fell by much more than expected in the week ended July 6th.
The report said initial jobless claims slid to 222,000, a decrease of 17,000 from the previous week’s revised level of 239,000.
Economists had expected jobless claims to edge down to 236,000 from the 238,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average also dipped to 233,500, a decrease of 5,250 from the previous week’s revised average of 238,750.
At 11 am ET, the Treasury Department is scheduled to announce the details of this month’s auction of twenty-year bonds.
Atlanta Federal Reserve President Raphael Bostic is due to participate in a discussion on “Economic Inclusion” before the National Credit Union Administration Diversity, Equity, and Inclusion Summit at 11:30 am ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $22 billion worth of thirty-year bonds. St. Louis Federal Reserve President Alberto Musalem is also due to participate in a fireside chat on the U.S. economy and monetary policy before the Little Rock Regional Chamber’s Power Up Little Rock event at 1 pm ET.