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The GDP deflator rose 0.7% in the second quarter, as consumer inflation remained elevated. However, the terms of trade—the ratio of the price of exports to the price of imports—fell 2.0% in the second quarter, primarily because of a 3.4% decline in prices of exported goods. This was the fourth straight quarterly decrease in the terms of trade.
Total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage point to 3.7 percent, the U.S. Bureau of Labor Statistics reported. Job gains occurred in professional and business...