The Bureau of Labor Statistics reported Thursday that prices for U.S. imports decreased by 1.7 percent in January, on a year-over-year basis. This is the biggest decrease since August, 2016, over two years ago.
Industrial supplies and materials had the biggest price decrease of all U.S. imports, of 6.4 percent. These take up nearly a quarter of all U.S. imports. Import prices of foods, feeds, and beverages also had a significant decrease of 2.0 percent. Imports of capital goods, vehicles, and consumer goods all had a negligible price change.
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In addition, the BLS reported an increase in real earnings. In January, real average hourly earnings went up by 1.7 percent, while weekly earnings increased by 1.9 percent. Both of these numbers are on a year-over year basis. This is good news that the job market is continuing to have strong growth.