• Core CPI Up, Jobless Claims Down

    July 11, 2019
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    Market Data Not Expected To Change Powell's Tone

    Two key data points were released this morning in the middle of Jerome Powell's 2-day Congressional meeting schedule. The data were broadly favorable, but are not expected to change Powell's dovish stance. The two releases: June consumer pricing index or CPI, and weekly jobless claims.

    CPI

    The Labor Department reported that core CPI rose 0.3% last month after four consecutive months of 0.1% gains. It marks the largest increase since January 2018. The data reflected increases in used cars and trucks, apparel, household furnishings, healthcare and rent. Core CPI 12-month percent change was up to 2.1%.

    The overall CPI number, inclusive of cheaper food and energy prices, rose only 0.1% in June, following that same reading for May. The overall CPI 12-month percent change rose to 1.6%.

    Jobless Claims

    The U.S. Labor Department reported the lowest jobless claims since May 2019. State unemployment benefit initial claims fell by 13,000 to 209,000 on the July 6 reading. Weekly data revisions included 1,000 new applications received.

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    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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