The Commerce Department reported a trade deficit of $70.4 billion in August. This represents the lowest trade deficit in five months and a decrease of (-$8.5B) from the upwardly revised $78.9B in July. This drop was mostly attributable to a (+$5.3B) rise in exports, which was bolstered primarily by increases in nonmonetary gold (+$1.5B) and pharmaceuticals (+$1.0B), while imports decreased (-$3.2B), due primarily to declines in computers (-$1.2B) and autos & accessories (-$1.3B). The goods deficit decreased (-$8.4B) to $94.9B, while the services surplus rose (+0.1B) to $24.4B. Compared to the same period in 2023, the goods and services deficit has increased by $47.1B, or 8.9%, so far this year. Exports have increased by $79.0B, or 3.9%, and imports have increased by $126.1B, or 4.9%. The trade deficit with China decreased (-$2.6B) to $24.7B as exports increased (+$1.1B) to $12.6B and imports decreased (-$1.5B) to $37.3B.

The Labor Department reported the consumer price index increased (+0.2%) in September, matching August and July. Over the past 12 months, the all items index has climbed by (+2.4%), which is 0.1 percentage point less than reported in August and the lowest value since February 2021. Increases in the food index (+0.4%) and shelter index (+0.2%) accounted for more than 75% of the monthly increase in the all items index. The energy index decreased (-1.9%) after declining (-0.8%) previous month. September's (+0.3%) increase in core CPI inflation—which does not include food and energy—matched August's increase. The annual rate of core CPI inflation increased (+3.3%), up 0.1 percentage point from the previous 2 months. The energy index decreased (-1.9%) after declining (-0.8%) previous month. Over 65% of the annual core CPI inflation is due to a (+4.9%) increase in the shelter index. Other indexes with significant increases over the last year include motor vehicle insurance (+16.3%), medical care (+3.3%), personal care (+2.5%), and apparel (+1.8%).

The Labor Department reported that the producer price index for final demand, which measures the prices that producers pay for goods and services, was unchanged in September, following a seasonally adjusted (+0.2%) reading in August. The index for final demand goods declined (-0.2%), following an unchanged reading the previous month. A (-2.7%) decrease in final demand energy costs was the primary factor in the decline. The index for final demand services showed an increase of (+0.2%), following a reading of (+0.4%) in August. A main contributor to the increase was a (+3.0%) rise in the index for deposit services (partial). Excluding food, energy, and trade services, the core PPI increased (+0.1%); this follows a downwardly revised (+0.2%) the previous month. Year over year, the headline PPI increased (+1.8%), an increase of 0.1 percentage point over the August reading. Core PPI inflation moved up (+3.2%) year over year, down slightly from the (+3.3%) reading the previous month.