GROCERY INFLATION SETS NEW RECORD IN JUNE
Soaring grocery prices are having an impact on consumer optimism and shopping patterns. According to monthly inflation insights from Numerator, grocery prices continued to rise in June, with beverages seeing the largest impact.
RESHORING BRINGING 400K MANUFACTURING JOBS TO US IN 2022
Continuous supply chain disruptions which started during the pandemic and have been intensified by the war in Ukraine—and an ongoing economic decoupling of the US and China—have generated a flood of manufacturing jobs reshoring to the US.
RETAIL SALES RISE MORE THAN EXPECTED IN JUNE
Retail sales rose 1% in June, more than expected by Wall Street economists. Economists had forecast sales would rise 0.9% over the prior month in June after a 0.3% jump in May. Sales in May were revised down, however, to show a 0.1% drop in sales. Following this report, however, Andrew Hunter, senior U.S. economist at Capital Economics, said this data “isn’t as good as it looks.”
INFLATION ROSE 9.1% IN JUNE, EVEN MORE THAN EXPECTED, AS CONSUMER PRESSURES INTENSIFY
Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate.
RETAIL SALES INCREASE IN JUNE AMID RISING INFLATION
Consumers remained resilient in June as inflation climbed higher and drove up prices across the board. Retail sales increased 0.6% in June from May and were up 5.8% year over year, according to the National Retail Federation, whose calculation excludes automobile dealers, gasoline stations. In May, sales were down 0.3% month over month and up 6.3% year over year.