Are you ready? You can tell an election is on the radar since inflation numbers are settling down for the most part. According to the BLS, overall inflation fell slightly in June to 3.0%.
Shelter CPI is up 5.14% YoY as M2 Money growth has been rising slowly … again.
Core CPI also ‘missed’, rising just 0.1% MoM (vs +0.2% exp), dragging the YoY Core CPI down to +3.27% – its lowest since April 2021…
Source: Bloomberg
Goods deflation also dominates core prices disinflationary trend…
We do note that Core consumer prices have still not seen a single monthly decline since Bidenomics began.
Core consumer prices are up just under 18% since Bidenomics began (+4.9% per annum) – that is dramatically higher than the 2.0% per annum Americans experienced under Trump…
Core consumer prices have never been higher.
The much-watched SuperCore CPI rose on a MoM basis but declined (back below 5.0%) on a YoY basis (but obviously remains extremely elevated)…
Source: Bloomberg
Transportation Services are seeing prices fall…
Finally, we can’t help but get a sense of deja vu all over again here. What if… The Fed cuts (because bad – recession – data), Biden loses (because dementia), and inflation re-accelerates (just like in the 80s)…
Source: Bloomberg
Challenger job cuts in construction we the highest since 2008 putting downward pressure on wages.
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