The latest inflation numbers for the United States are as follows:
Consumer Price Index (CPI): 4.0% for the 12 months ending May 2023
The CPI is a measure of the change in prices of a basket of goods and services purchased by consumers.
Price Index for All Items Less Food and Energy: 5.3% for the 12 months ending May 2023
The price index for all items less food and energy is a measure of the change in prices of goods and services excluding food and energy.
Unemployment Rate: 3.7% in May 2023
The unemployment rate is the percentage of the labor force that is unemployed and actively seeking work.
Jobless Claims: 232,000 in the week ending June 24, 2023
Jobless claims are the number of people who filed for unemployment benefits in the previous week.
The current inflation rate is higher than the Federal Reserve's target of 2%. This is due to a number of factors, including supply chain disruptions, strong consumer demand, and the war in Ukraine. The Federal Reserve is expected to raise interest rates by .25% two more times this year in an effort to cool inflation.
The unemployment rate is low, which is a positive sign for the economy. However, the number of jobless claims has been rising in recent weeks, which could be a sign that the labor market is starting to cool.
The price index for all items less food and energy is also rising, but at a slower pace than the overall CPI. This suggests that inflation is starting to moderate, but it is still too early to say whether it will return to the Fed's target.
Overall, the current inflation numbers are concerning but may be starting to moderate. The Federal Reserve is expected to take action to cool inflation, and the labor market is still strong. However, it is important to monitor the situation closely in the coming months.
The next meetings for the Federal Reserve are:
July 25-26, 2023
September 19-20, 2023
October 31-November 1, 2023
December 12-13, 2023
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