US real average hourly earnings turn positive again
US wages outpaced inflation on a YoY basis in May by 0.2%, ending the ignominious streak of 25 consecutive months of negative real wage growth. Source: Charlie Bilello
UK inflation stays stuck at 8.7% while economists had expected a decline to 8.4%.
Source: HolgerZ, Bloomberg
US CPI continues to cool down
Overall US CPI moved down to 4.0% in May, the 11th consecutive decline in the YoY rate of inflation and the lowest level since March 2021. US Core CPI (ex-Food/Energy) moved down to 5.3% YoY, the lowest reading since November 2021. Source: Charlie Bilello
Lumber futures are at their lowest levels since May 2020, down 81% from the peak in May 2021
Source: Charlie Bilello
US MAY EMPIRE STATE FACTORY INDEX FALLS TO -31.8 (lowest since Jan.2023), EST. -3.9
The orders index also slid by the most since April 2020, hitting the lowest level since the start of the year. The shipments gauge plummeted more than 40 points. Source: Bloomberg
The U.S. government's interest expense is now an annualized $928.9 billion
Source: Jeff Weniger
China Inflation Weakens to 2-Year Low on Uneven Recovery
China’s consumer inflation slowed to the weakest pace in two years in April while producer prices fell further into deflation, fueling debate about whether more policy stimulus is needed. The consumer price index rose 0.1% last month from a year earlier, the National Bureau of Statistics said Thursday, reflecting muted domestic demand as well as base effects from last April’s Shanghai lockdown. Core CPI, which excludes volatile food and energy costs, was unchanged at 0.7%. Producer prices fell 3.6% in April as commodity costs softened. The figure was more than March’s drop and deeper than economists had expected. Source: Bloomberg
US inflation continues to cool down
US April CPI inflation +4.9% year/year vs. +5% estiated & +5% in prior month … Core CPI +5.5% year/year vs. +5.5% est. & +5.6% prior
