Details form the May 2016 US CPI data report 16 June 2016
- Prior 1.1%.
- Core CPI 2.2% vs 2.2% exp y/y. Prior 2.1%
- Real weekly earnings 0.0% vs 0.2% prior m/m. Revised to -0.1%
- 1.1% vs 1.3% prior y/y. Revised to 1.1%
Slight miss on the headline number and drop from last month but the core rises.
Wages are still making the Fed's task harder as they come up flat on the month and see April's revised lower. With four meetings to go, one of them next month, the Fed don't have much time to see the economy turn enough in their favour to hit the button on a hike.
We need to watch the data to see how July expectations develop.