U.S. industrial production fell more than expected in May due to a significant decline in vehicle and vehicle parts production, according to the Federal Reserve. Industrial production dropped 0.4% following a 0.6% decrease in April.
U.S. import prices, however, rose in May at their fastest pace since 2012, growing 1.4% from the previous month. Increasing oil prices contributed to the growth in import prices.
Other economic data out today included U.S. producer prices for May, which grew 0.4%. Energy prices specifically increased 2.8%, the largest one-month gain since May 2015.
Staples launched a new same-day delivery service called “Staples Rush,” which provides online customers in major U.S. cities access to same-day delivery for $14.99 per delivery. Staples is currently testing the service, and plans to offer it in the future to contract customers of its Business Advantage program.