However, overall industrial production rose 0.1% for a second month, with output at utilities and mining each increasing 0.4%.

The consumer price index fell 0.4% from May to June, dragged down by big gas-price declines in the wake of the memorandum of understanding intended to end the war in Iran. Core CPI was flat from May to June.

Exports' value fell by 3.2% in May, while imports rose 3.3%, to the highest level since March 2025,

Cheaper gas helped assuage some of Americans' anxiety, but views of job opportunities deteriorated and consumers expect little improvement in the coming months.

The value of exports rose 2.6% in April, driven by a 60% increase in crude oil, while imports advanced 2%, led by computers and semiconductors.

Non-farm U.S. payrolls grew by 172,000 last month, while unemployment held steady at 4.3%.

Private-sector payrolls rose by 122,000 in May, after advancing 105,000 in April, according to ADP.

The inflation figures will likely reinforce warnings that the Federal Reserve needs to consider raising interest rates if price pressures do not ebb.