Consumer Price Index: Difference between revisions

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 Past Developments: [[Wages]]
-Average hourly earnings rose 0.3% in May after a downwardly revised 0.4% a month earlier. From a year ago, they were up 4.3%, matching the smallest increase since mid-2021.
+Over the past 12 months, average hourly earnings have increased by 4.4% in June, the same pace as in May and slightly above market expectations of a 4.2% rise.
-* In May, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents, or 0.3 percent, to $33.44. .
+* Average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents, or 0.4%, to $33.58 in June 2023, matching May's advance but slightly above market expectations of a 0.3% increase.
-* Over the past 12 months, average hourly earnings have increased by 4.3 percent.
+* In June, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.4 percent, to $28.83.
-* In May, average hourly earnings of private-sector production and nonsupervisory employees rose by 13 cents, or 0.5 percent, to $28.75.<ref>https://www.bls.gov/news.release/pdf/empsit.pdf</ref>
 ===2. Supply chain issues===
 Past developments: [[Supply Chain Developments]]
+*The GSCPI in June rose to -1.2 from a revised value of -1.56 in May; the previous release (unrevised) for May had been reported at -1.71. GSCPI readings measure standard deviations from the index’s historical average.<ref name=":0">https://www.newyorkfed.org/research/policy/gscpi#/interactive</ref>
-The report said supply chain pressures were below average in all regions of the world considered in the index.
+*There were significant upward contributions from Great Britain and Euro Area backlogs as well as United States and Taiwan delivery times.
-*The GSCPI decreased again in May, falling to -1.71 from -1.35; the April value was revised downward from -1.32. GSCPI readings measure standard deviations from the index’s historical average.
+*Looking at the underlying data, the readings for Great Britain backlogs (the largest contributor to the upward move in the GSCPI this month) are above their historical average for the first time since February.
-*There were significant downward contributions from Great Britain backlogs and Taiwan delivery times. Euro Area delivery times and backlogs exhibited the largest sources of upward pressure in May.<ref>https://www.newyorkfed.org/research/policy/gscpi#/interactive</ref>
 ===3. PPI===
 Past Developments: [[Producer Price Index]]
 The PPI serves as a leading indicator for the CPI, so when producers face input inflation, the increases in their production costs are passed on to retailers and consumers
-* The producer price index increased 0.2% in April, below 0.3% estimate.
-* Core PPI also increased 0.2% , in-line with estimates.
+* The producer price index declined by 0.3% in May, more than the 0.1% decline expected by Dow Jones.
-* Yearly, headline PPI rose 2.3%, below the 2.4% estimate and 2.7% growth in March.
+* Core PPI rose 0.2% in line with the estimates.
-*80% of the rise in PPI was attributed to the 0.3% rise in prices for final demand services<ref>https://www.cnbc.com/2023/05/11/wholesale-prices-rose-just-0point2percent-in-april-less-than-estimate-as-inflation-pressures-ease.html</ref>.
+* The decline in PPI was mainly attributed to the 1.6% decline in prices for final demand goods.
+* Year-over-year, PPI rose 1.1% in May versus 1.50% expected.
 ===4. Housing Market===
 Past Developments: [[Housing Market: US#Price Developments|Housing Market: US]]
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 Steep competition in the housing market and low supply are heating up home prices again. Before seasonal adjustment, prices rose in all 20 cities in March (versus in 12 in February), and in all 20 price gains accelerated between February and March.<ref>https://www.cnbc.com/2023/05/30/home-price-declines-may-be-over-sp-case-shiller-says.html</ref>
+*The non-seasonally adjusted S&P CoreLogic Case-Shiller home price index in the United States increased 1.5% month-over-month in March of 2023, the most since May of 2022, and following an upwardly revised 0.3% rise in February.<ref name=":3">https://tradingeconomics.com/united-states/case-shiller-home-price-index-mom</ref>
-* The non-seasonally adjusted S&P CoreLogic Case-Shiller home price index in the United States increased 1.5% month-over-month in may of 2023, the most since May of 2022, and following an upwardly revised 0.3% rise in February.<ref>https://tradingeconomics.com/united-states/case-shiller-home-price-index-mom</ref>
+*The S&P CoreLogic Case-Shiller  home price index in the US fell 1.1% yoy in March 2023, the first decline since May 2012, and compared to forecasts of a 1.6% drop.<ref name=":4">https://tradingeconomics.com/united-states/case-shiller-home-price-index-yoy</ref>
-* The S&P CoreLogic Case-Shiller home price index in the US fell 1.1% yoy in March 2023, the first decline since May 2012, and compared to forecasts of a 1.6% drop.<ref>https://tradingeconomics.com/united-states/case-shiller-home-price-index-yoy</ref>
 === 5. Food Prices ===
 Past Developments: [[Food Market]]