U.S. Economic News
June 14, 2017
U.S. Economic Indicators
Consumer prices edged down 0.1% in May (up 1.9% on the year). The “core” CPI, which excludes food and energy, inched up 0.1% in May and is up 1.7% on the year. BLS Report
Retail sales fell 0.3% in May but were up 3.8% on the year. Core sales — which excludes autos, gasoline, building materials, and food services — were unchanged. Census Bureau Report
Business inventories fell 0.2% in April but were up 2.3% from last year. Manufacturers’ sales were unchanged from March to April but were up 5.6% on the year. Census Bureau Report
U.S. News
Greg Ip of the Wall Street Journal writes that in the past when unemployment was as low as it is today wage growth was much stronger. Ip argues that if a labor market this healthy is unable to produce stronger wage growth, the Federal Reserve may have an increasingly difficult time justifying rate hikes in the future. WSJ