June 10, 2021 Headlines

CPI increased by 0.6% last month, higher than expected (0.5%). Core CPI, which excludes food and energy costs, rose by 0.7% in May. Price increases were driven by increasing costs for used cars, household furnishings, airfares, and clothing. Used vehicles were up 7.3% which accounted for a third of the increase in consumer prices. This increase can be considered transitory as supply-chain issues disrupt the supply of new cars. This morning’s release pushed Treasury yields higher with the 10-year sitting a 1.52% (+3 bps).

On the labor front, jobless claims fell more to a pandemic era low of 376,000, 6k more than expected. This marks the sixth straight weekly decline in the number and second straight week of a sub-400k reading.

Hafizan Hamzah
Director, Investment Management Group

06/07/21Consumer Credit$20.000b$18.612b$25.841b$18.584b
06/08/21NFIB Small Business Optimism10199.699.8
06/08/21Revisions: Trade Balance
06/08/21Trade Balance-$68.7b-$68.9b-$74.4b-$75.0b
06/08/21JOLTS Job Openings8200k9286k8123k8288k
06/09/21MBA Mortgage Applications-3.10%-4.00%
06/09/21Wholesale Inventories MoM0.80%0.80%0.80%
06/09/21Wholesale Trade Sales MoM0.80%4.60%4.30%
06/10/21CPI MoM0.50%0.60%0.80%
06/10/21CPI Ex Food and Energy MoM0.50%0.70%0.90%
06/10/21CPI YoY4.70%5.00%4.20%
06/10/21CPI Ex Food and Energy YoY3.50%3.80%3.00%
06/10/21CPI Index NSA268.681269.195267.054
06/10/21CPI Core Index SA275.058275.718273.7
06/10/21Real Avg Weekly Earnings YoY-2.20%-1.40%-1.70%
06/10/21Real Avg Hourly Earning YoY-2.80%-3.70%
06/10/21Initial Jobless Claims370k376k385k
06/10/21Continuing Claims3665k3499k3771k3757k
06/10/21Langer Consumer Comfort55.6
06/10/21Household Change in Net Worth$6925b
06/10/21Monthly Budget Statement-$250.0b-$398.8b
06/11/21Bloomberg June United States Economic Survey
06/11/21U. of Mich. Sentiment84.282.9
06/11/21U. of Mich. Current Conditions91.389.4
06/11/21U. of Mich. Expectations78.778.8
06/11/21U. of Mich. 1 Yr Inflation4.70%4.60%
06/11/21U. of Mich. 5-10 Yr Inflation3.00%

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