TED: The Economics Daily

The price index for U.S. imports advanced 0.5 percent in August 2023, the largest monthly increase since May 2022. Despite the August increase, U.S. import prices fell 3.0 percent over the past year.

Many families may have recently purchased new books, laptops, shoes, sports goods, and musical instruments for their kids in preparation for the new school year. Prices for educational books and supplies (which consist of elementary, high school, and college textbooks and reference books) decreased 3.4 percent from August 2022 to August 2023 and were 1.4 percent higher in August 2023 than they were in August 2020.

Real average hourly earnings for all private, nonfarm employees increased 0.5 percent from August 2022 to August 2023. The change in real average hourly earnings combined with a decrease of 0.3 percent in the average workweek resulted in a 0.3-percent increase in real average weekly earnings over this period.

The Producer Price Index for final demand increased 1.6 percent (not seasonally adjusted) for the 12 months ended in August 2023. The 12-month percent change in total final demand prices was 0.1 percent in June and 0.8 percent in July 2023. A year earlier, in August 2022, final demand producer prices had increased 8.7 percent in the preceding 12 months.