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Wholesale prices in the United States picked up slightly in July yet still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.

The Labor Department reported Friday that its producer price index which measures inflation before it hits consumers rose 0.8% last month from July 2022.

The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.

On a month-to-month basis, producer prices rose 0.3% from June to July, up from no change from May to June.

Last month’s increase was the biggest since January. An increase in services prices, especially for management of investment portfolios, drove the month-to-month increase in wholesale inflation.

Wholesale meat prices also rose sharply in July.

Analysts said the July rise in wholesale prices, from the previous month’s low levels, still reflects an overall easing inflation trend.

The figures the Labor Department issued Friday reflect prices charged by manufacturers, farmers and wholesalers.

The figures can provide an early sign of how fast consumer inflation will rise in the coming months.

Since peaking at 11.7% in March 2022, wholesale inflation has steadily tumbled in the face of the Federal Reserve’s 11 interest rate hikes.

Excluding volatile food and energy prices, “core” wholesale inflation rose 2.4% from July 2022, the same year-over-year increase that was reported for June.

Measured month to month, core producer prices increased 0.3% from June to July after falling 0.1% from May to June.

On Thursday, the government reported that consumer prices rose 3.3% in July from 12 months earlier, an uptick from June’s 3% year-over-year increase.

But in an encouraging sign, core consumer inflation rose just 0.2% from June, matching the smallest month-to-month increase in nearly two years.

By all measures, inflation has cooled over the past year, moving closer to the Feds 2% target level but still remaining persistently above it.

The moderating pace of price increases, combined with a resilient job market, has raised hopes that the Fed may achieve a difficult soft landing: Raising rates enough to slow borrowing and tame inflation without causing a painful recession.

Many economists and market analysts think the Feds most recent rate hike in July could prove to be its last.

Before the Fed next meets Sept. 19-20 to decide whether to continue raising rates, it will review several additional economic reports.

They include another monthly report on consumer prices; the latest reading of the Feds favored inflation gauge; and the August jobs report.

Inflation began surging in 2021, propelled by an unexpectedly robust bounce-back from the 2020 pandemic recession.

By June 2022, consumer prices had soared 9.1% from a year earlier, the biggest such jump in four decades.

Much of the price acceleration resulted from clogged supply chains: Ports, factories and freight yards were overwhelmed by the explosive economic rebound.

The result was delays, parts shortages and higher prices.

But supply-chain backlogs have eased in the past year, sharply reducing upward pressure on goods prices.

Prices of long-lasting manufactured goods actually dipped in June.

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Elliott races from 8th to win in 2-lap OT at Kansas

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Elliott races from 8th to win in 2-lap OT at Kansas

KANSAS CITY, Kan. — Chase Elliott somehow stole Sunday’s race at Kansas Speedway, where he drove from eighth to the checkered flag during a two-lap overtime sprint to earn a spot in the third round of NASCAR’s playoffs.

It was a wild ending to a race that probably should have been won by Denny Hamlin, who dominated and led 159 laps until a bevy of late issues denied him his chance at career win No. 60 for Joe Gibbs Racing.

The race had a slew of late cautions — Hamlin dropped from the lead to seventh on a slow pit stop — that put Bubba Wallace in position to win the race. A red-flag stoppage for Zane Smith flipping his car set up the final overtime restart and Wallace was holding tight in a door-to-door battle with Christopher Bell for the victory.

Then Hamlin came from nowhere to catch Wallace, who drives for the team Hamlin co-owns with Michael Jordan, and Wallace scraped the wall as he tried to hold off his boss. That’s when Elliott suddenly entered the frame and smashed Hamlin in the door to get past him for his second win of the season.

“What a crazy finish. Hope you all enjoyed that. I certainly did,” NASCAR’s most popular driver told the crowd after collecting the checkered flag.

Elliott joins Ryan Blaney as the two drivers locked into the third round of the playoffs. The field will be cut from 12 drivers to eight after next week’s race in Concord, North Carolina and Elliott said once he got in position for the victory, he wasn’t giving up.

“I wasn’t going to lift, so I didn’t know what was going to happen. I figured at the end of the day, it was what it was at that point,” Elliott said. “Wherever I ended up, I ended up. At that point, we were all committed. Really cool just to be eighth on the restart and somehow win on a green-and-white checkered. Pretty neat.”

Hamlin finished second and was clearly dejected by the defeat. The three-time Daytona 500 winner is considered the greatest driver to never win a Cup title and needed the victory to lock up his spot in the next round of the playoffs. He also has a 60th Cup win set as a major career goal and is stuck on 59 victories.

He drove the final 50-plus laps with his power steering on the fritz.

“Just super disappointing. I wanted it bad. It would have been 60 for me,” Hamlin said. “Obviously got really, really tight with [Wallace], and it just got real tight and we let [Elliott] win.

“Man, I wanted it for my dad. I wanted it for everybody. Just wanted it a little too hard.”

Hamlin was followed his JGR teammates Bell and Chase Briscoe, who were third and fourth.

Wallace wound up fifth and even though the victory would have moved him deeper into the playoffs than he’s ever been in his career, he was satisfied considering how poorly his car was running earlier in the race. He wasn’t even upset with Hamlin, and he shook hands with his boss on pit road.

“To even have a shot at the win with the way we started … you could have fooled me. We were not good,” Wallace said. “Two years ago I’d probably say something dumb [about Hamlin]. He’s a dumbass for that move. I don’t care if he’s my boss or not. But we’re going for the win. I hate that we gave it to Chevrolet there.”

Elliott, in a Chevrolet for Hendrick Motorsports, was the only non-Toyota driver in the top five.

Next up is a playoff elimination race at the hybrid oval/road course at Charlotte Motor Speedway, where Kyle Larson won a year ago. The playoff field will be cut from 12 drivers to eight following next Sunday’s race.

The four drivers in danger of playoff elimination headed into that race are Ross Chastain, Austin Cindric, Reddick and Wallace.

“Obviously there’s only one thing we can do at Charlotte (win), and that’s what we’ll be focused on,” Reddick said.

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4-month-old son of NASCAR’s Reddick in ICU

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4-month-old son of NASCAR's Reddick in ICU

The wife of NASCAR driver Tyler Reddick on Sunday said the couple’s 4-month-old son is in the cardiovascular intensive care unit at a North Carolina hospital.

Alexa Reddick posted to social media that doctors are working on improving the “heart function” of Rookie, the couple’s second son who was born in May.

She wrote she had been seeking medical care for Rookie for some time without getting any concrete answers for what appeared to be “signs of heart failure that were being missed.”

“Always trust your mom gut,” she added.

Tyler Reddick, who has not discussed his son’s heath battle, finished seventh in Sunday’s race at Kansas Speedway.

The Associated Press contributed to this report.

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Childers lands new crew chief job in Xfinity Series

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Childers lands new crew chief job in Xfinity Series

Rodney Childers, who guided Kevin Harvick to the 2014 Cup Series championship, has finally landed a new job after he was let go as crew chief at Spire Motorsports in April.

Childers will be the crew chief at JR Motorsports in the Xfinity Series for the No. 1 Chevrolet, which will be split between Carson Kvapil and Connor Zilisch. It will be Childers’ first time as an Xfinity Series crew chief.

“Rodney’s résumé and career speak for themselves,” said Dale Earnhardt Jr., co-owner of JR Motorsports. “Rodney and I grew up together and have known each other since we were kids. That’s a relationship that has always been close and has remained close to this day. We’ve always had interest in working together in motorsports, and I’m thankful that this opportunity came about and we could bring him into the JRM family.”

Childers worked with Justin Haley at Spire, but the team parted ways with him when both driver and crew chief said the relationship wasn’t working.

Childers won 40 races and a Cup title at Stewart-Haas Racing with Harvick then worked with Josh Berry in 2024 when Harvick retired. That was the final year Stewart-Haas Racing existed.

Also on Saturday, NASCAR confirmed it has parted ways with race director Jusan Hamilton with six races remaining in the season. He is no longer listed as an employee at NASCAR, where his official title was managing director for competition operations.

Hamilton first joined NASCAR as an intern in 2012 and returned in 2016 under various roles. He oversaw NASCAR’s Drive for Diversity program, pit crew development and the pro iRacing NASCAR divisions as well as serving as a race director.

Hamilton was instrumental in setting both the annual schedule and the schedule for each race weekend. His first event as race director was in 2018 at Pocono Raceway. In 2022, Hamilton became the first Black race director to officiate the Daytona 500.

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