News

US producer prices unexpectedly fall in April

WASHINGTON (Reuters) -U.S. producer prices unexpectedly fell in April as the cost of services declined by the most since 2009, pulled down by ebbing demand for air travel and hotel accommodation. The producer price index for final demand dropped 0.5% last month after an upwardly revised unchanged reading in March, the Labor Department's Bureau of Labor Statistics said on Thursday. President Donald Trump's protectionist trade policy, immigration crackdown as well as references to Canada as the 51th state and a desire to acquire Greenland have contributed to a sharp drop in tourist travel, hurting airline ticket sales, hotel and motel bookings.