Lates News

Analyst Marte stated that if the CPI report meets expectations, it would be the second consecutive month where price increases exceed wage increases - another blow for consumers who are already feeling more pessimistic about the economy. Average hourly earnings in May only grew by 3.4% year-on-year, the slowest pace since 2021. Consumers are feeling the squeeze from rising prices of gasoline, groceries, and other goods. According to a survey by the New York Fed, job seekers are also becoming more pessimistic about the prospects of the labor market, with an increasing number of people worrying about losing their job in the next year and finding another job, with subjective expectations declining in May.