Producers of metals and other raw materials ticked down as traders hedged their bets on the outlook for growth and inflation.
The producer-price index, a measure of wholesale prices businesses receive for their goods and services, increased a seasonally adjusted 1% for July.
"We expect inflation to soon begin to ease and the unemployment rate to continue its steady decline over at least the next year, which should bring this measure well below its long-term average and put an end to the stagflation fears that have been bubbling up recently," said Marc Zabicki, director of research at brokerage LPL Financial, in a note to clients.
The billionaire boss of WH Group, the Chinese pork producer that bought Virginia-based Smithfield Foods back in 2013, on Thursday relinquished the top job at the company.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-12-21 1636ET
