The Labor Department reported Wednesday that its producer price index was unchanged last month from May after rising 0.3% the previous month. June wholesale prices rose 2.3% from a year earlier, the smallest year-over-year gain since September. Both measures came in below what economists had expected.

U.S. businesses told the Federal Reserve in June and early July that the loss of immigrant labor is adding to their struggles with the effects of fast-changing trade policies as the Trump administration's economic strategies began gaining traction.