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☆ Pelosi says McCarthy is ‘playing politics’ with impeachment expungement
▼ + stars: | 2023-07-23 | by ( Aileen Graef | ) edition.cnn.com time to read: +4 min

CNN —Nancy Pelosi said on Sunday that House Speaker Kevin McCarthy was “playing politics” with the idea of expunging former President Donald Trump’s two impeachments. “Kevin is, you know, playing politics. McCarthy called Trump to apologize after the interview, claiming he misspoke on CNBC, sources told CNN. A member of the House of Representatives since 1987, Pelosi would not say whether she plans to run for reelection. Pelosi separately called it “completely, totally ridiculous” that Alabama GOP Gov.

Persons: CNN — Nancy Pelosi, Kevin McCarthy, ”, Donald Trump’s, Kevin, ” Pelosi, CNN’s Dana, ” McCarthy, McCarthy, Trump, Donald Trump, Pelosi, Robert F, Kennedy Jr, Kennedy, Joe Biden’s, “, “ He’s, Kay Ivey Organizations: CNN, Union, Trump, California Republican, CNBC, Federal Government, GOP, Republicans, Consumer, Bureau of Labor Statistics, BLS, Alabama GOP, Republican Party Locations: “ State, California, Alabama, Black

☆ Why celebrities are on strike: Not every actor makes Tom Cruise money
▼ + stars: | 2023-07-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +9 min

However, the BLS noted in the data that actors aren’t paid full-time year-round due to the nature of the job. Screen Actors Guild members and supporters on a picket line in Times Square in New York, US, on Friday, July 14, 2023. Yuki Iwamura/Bloomberg/Getty ImagesBefore the contract between actors and movie studios officially expired this week, SAG-AFTRA members had negotiated specific minimum rates for performers. For example, an actor who worked on a television show for one week was paid a minimum of $3,756. According to Shaan Sharma, an actor and SAG-AFTRA board member, just 12.7% of SAG-AFTRA members qualify for the union’s health plan.

Persons: they’ve, Meryl Streep, Matt Damon, Fran Drescher, you’re, aren’t, Yuki Iwamura, Kellee Stewart, ”, “, Dwayne “, ” Johnson, Forbes, Johnson, Cruise, Tom Cruise, Barry Diller, ‘, ” Diller, “ I’m, Shaan Sharma, Rod McLachlan, it’s, ” McLachlan, Chris Pizzello, ” Stewart, Stewart, “ There’s, Bob Iger, ’, Iger, Netflix’s, Ted Sarandos, Greg Peters, “ Rather, AFTRA, Kevin Klowden, Klowden, Natasha Chen Organizations: CNN, SAG, Hollywood, Hollywood’s, Guild of America, US Bureau of Labor Statistics, BLS, Guild, Bloomberg, Getty, Forbes, Variety, CBS, Sunday, Paramount, Netflix, Twitter, Disney, CNBC, Walt Disney Studios, The Alliance, Television Producers, Paramount Pictures, Sony Pictures, Apple, Warner Bros, Milken Institute Locations: California, New York, Los Angeles, London, Australia, New Zealand

☆ Americans' wages are finally outpacing inflation. But could it last?
▼ + stars: | 2023-07-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

For more than two years, persistent and pervasive inflation has taken big bites out of Americans’ paychecks. Annual real weekly wages were up 0.6% last month, a rate that’s a tick below the 0.7% gain seen in February 2020. June also marked the second consecutive month of year-over-year real hourly wage growth — the first back-to-back months of gains since early 2021. Fears of a dreaded “wage-price spiral” — when rising wages and prices feed into each other — have made a bogeyman out of wage growth. And finally, supply-side inflation has drastically cooled to the point where annual inflation is practically flat — which, ideally, gives firms more wiggle room to pay workers, she said.

Persons: hasn’t, ’, That’s, ”, William Ferguson, Gertrude B, Austin, it’s, Alex Pelle, “, Sung Won Sohn, Ben Bernanke, ” Pelle, Julia Pollak, they’ve Organizations: Minneapolis CNN, Bureau of Labor Statistics, Grinnell College, stoke, Mizuho Securities, Loyola Marymount University, SS, San Francisco Fed, BLS Locations: Minneapolis, Iowa

☆ Key US inflation gauge cooled last month to the lowest level in nearly three years
▼ + stars: | 2023-07-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

The PPI index, a key inflation gauge that tracks the average change in prices that businesses pay to suppliers, has cooled significantly since peaking at 11.2% in June 2022 and has now declined for 12 consecutive months. Annual producer price inflation is at its lowest level since August 2020, BLS data shows. “It’s definitely a good month for inflation,” Pelle told CNN. Starting in March 2022, the central bank rolled out 10 consecutive interest rate hikes to tame inflation, finally hitting pause last month. Doves tend to favor looser monetary policy and issues like low unemployment over low inflation, while hawks favor robust rate hikes and keeping inflation low above all else.

Persons: Price, Watchara, —, Alex Pelle, It’s, ” Pelle, “, That’s, Pelle, ” Organizations: Minneapolis CNN —, Bureau of Labor Statistics, La, MediaNews, The Press, Enterprise, Getty, BLS, PPI, Mizuho Securities, CNN, ”, CPI, Federal Reserve Locations: Minneapolis, La Reina, San Bernardino , California

☆ US inflation saw another dramatic slowdown in June
▼ + stars: | 2023-07-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

That's based on new Consumer Price Index data from the Bureau of Labor Statistics on Wednesday, which is one measure of inflation. That suggests another month of cooling inflation, after the unadjusted year-over-year change in May was 4.0%. However, the year-over-year CPI has tumbled every month since then, and the new data means 12 months of falling inflation. The month-over-month percent change was expected to be more than the percent change in May, from a month-over-month increase of 0.1% in May to a month-over-month increase of 0.3% in June. While inflation is still falling in the US, it's still more than the Fed's 2% target, at least by the overall year-over-year CPI measure.

Persons: That's, it's, Jerome Powell Organizations: Fed, Service, Bureau of Labor Statistics, Core CPI, CPI, BLS, Federal, Federal Reserve Locations: Wall, Silicon

☆ Here's the inflation breakdown for June, in one chart
▼ + stars: | 2023-07-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The CPI is a key barometer of inflation, measuring prices of anything from fruits and vegetables to haircuts and concert tickets. Hourly earnings increased 0.2%, on average, from May to June after accounting for inflation, according to BLS data. 'Encouraging' inflation signals moving forwardThe inflation slowdown has been broad-based, Zandi said. watch nowGrocery price inflation is also down significantly from its peak around 14% last summer, which had been the highest rate since 1979. Economists say it's a near certainty that housing prices will continue to fall through the second half of the year.

Persons: Michael M, Mark Zandi, Zandi, we're, Mark Hamrick, Andrew Hunter, Ben Bernanke, Olivier Blanchard, Stephanie Roth, Roth Organizations: Lincoln Market, Santiago, Getty, U.S . Bureau of Labor Statistics, Moody's, BLS, Capital Economics, Finance, U.S . Federal Reserve, Peterson Institute for International Economics, Morgan Private Bank Locations: Brooklyn , New York, U.S, Ukraine

☆ Grocery prices held steady in June, offering some relief
▼ + stars: | 2023-07-12 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Grocery prices stayed steady in June after ticking up in May, offering some relief to shoppers. Together, food prices rose 0.1% for the month, according to the latest Consumer Price Index, released Wednesday by the Bureau of Labor Statistics. In that time, grocery store prices grew 4.7%, while menu prices went up by 7.7%. “We’ve seen a persistent slowing of grocery prices,” Jared Bernstein, chair of the Council of Economic Advisers, a group that advises the president, told CNN. How prices changed in JuneFrom May to June, when grocery prices stayed flat, some specific items notched increases.

Persons: “ We’ve, Jared Bernstein, ”, Jordan Vonderhaar, Ham, Bacon, Milk, Bernstein Organizations: New, New York CNN, Bureau of Labor Statistics, BLS, of Economic Advisers, CNN, Bloomberg, Getty, Assistance, SNAP Locations: New York, Ukraine

☆ US inflation cooled in June for the 12th straight month
▼ + stars: | 2023-07-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics. The June annual rate is down from 4% in May and landed slightly below economists’ expectations for a 3.1% increase, according to Refinitiv. Starting in March 2022, the central bank rolled out 10 consecutive interest rate hikes to tame inflation, finally hitting pause last month. And June of last year was monumental: Annual inflation soared to 9.1%, the highest in more than 40 years largely because of record-high energy costs. So the Fed and economists have been keyed in on what’s happening with core inflation, particularly core services.

Persons: Olivia Newton, ” William Ferguson, “, Joe Biden, ” Sung Won Sohn, Lael Brainard, ” Brainard, Brainard, ” Julia Pollak, ZipRecruiter, Sohn, ”, —, Nicole Goodkind Organizations: Minneapolis CNN, Bureau of Labor Statistics, CPI, Grinnell College, CNN, Federal Reserve, Loyola Marymount University, SS Economics, Core PCE, National Economic Council, Economic, of New, BLS, Kansas City Fed Locations: Minneapolis, Iowa, of New York

☆ There are more women in the workforce than ever before
▼ + stars: | 2023-07-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

Women’s labor force participation has rebounded from the pandemic “she-cession” and returned to its pre-pandemic form of making progressively historic labor market gains. By February of 2020, the labor force participation rate for prime working-age women was 77% — just shy of the record 77.3% set during the dot-com era, BLS data shows. The pandemic walloped the leisure and hospitality and education and health services sectors, where women make up the majority of the workforce. The economic evolution and recovery from the pandemic helped accelerate favorable drivers for women to enter the workforce. Separately, new research shows that although women were outnumbered by men in the US workforce, women could be disproportionately affected by businesses’ adoption of generative AI: One recent analysis estimates that 79% of working women (nearly 59 million) are in occupations susceptible to disruption and automation.

Persons: ” Julia Pollak, ZipRecruiter, “, ” Pollak, Allison Joyce, didn’t, they’re, That’s, University of North Carolina’s, Dana Peterson, we’ve, ”, ” —, Jeanne Sahadi Organizations: Minneapolis CNN, of Labor Statistics, Bloomberg, Getty, Baby Boomers, Pew Research Center, University of North, University of North Carolina’s Kenan, Flagler Business School, Conference Board, CNN Locations: Minneapolis, America, Bolivia , North Carolina

☆ The US labor market cooled off in June, adding just 209,000 jobs
▼ + stars: | 2023-07-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

Minneapolis CNN —The US job market cooled back down in June, adding just 209,000 jobs, and fueling optimism that the economy is on course to nail that elusive soft landing of lowering inflation without triggering a recession. That being said, last month’s job growth still outpaces the pre-pandemic average. “The job growth is slowing, but I don’t actually think that’s necessarily a bad thing,” Rucha Vankudre, senior economist for labor market analytics company Lightcast, told CNN. “In the tug of war between the labor market and the economy, there is still a push and pull, yet the labor market remains strong,” Becky Frankiewicz, president and chief commercial officer of ManpowerGroup, said in commentary issued Friday. In June, sectors such as government, as well as health care and social assistance, saw the biggest job gains: 60,000 and 65,200, respectively.

Persons: Rucha Vankudre, We’re, Becky Frankiewicz, ManpowerGroup, “, Lightcast’s Vankudre, ” “, Joe Brusuelas, ” Brusuelas, “ We’re, ” Organizations: Minneapolis CNN, Bureau of Labor Statistics, CNN, “, Federal Reserve, Service, BLS, RSM, Fed Locations: Minneapolis

☆ Fewer Americans are taking time off for vacation this summer, and it might be due to inflation
▼ + stars: | 2023-07-07 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +3 min

Fewer workers are taking time off for vacation or personal days, compared to last year. The following chart shows that the post-pandemic recovery in the number of workers taking vacation in June has stalled, with a slight drop from June 2022 to June 2023. To be sure, airline ticket inflation isn't as bad as it was last year. Even so, airline ticket inflation came in at 30.2% for all of 2022. When it comes to why fewer Americans are taking time off for vacation this summer, Acting Secretary of Labor Julie Su told Insider that it's "an important question."

Persons: Julia Pollak, —, who's, Bianca Giacobone, Hopper, Labor Julie Su, Su, Dan Latu, Ric Kenworthy, Latu, They're Organizations: Labor Statistics, Service, lastest Bureau of Labor Statistics, Labor Locations: lastest, Europe, Asia, Phoenix

☆ US job openings dropped below 10 million in May
▼ + stars: | 2023-07-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —The number of available jobs in the United States dropped in May after an uptick the month before, the Bureau of Labor Statistics reported Thursday. Job openings fell to 9.82 million at the end of May, dropping from an upwardly revised 10.3 million in April, according to the BLS’ latest Job Openings and Labor Turnover Survey report. Economists had projected that openings fell to 9.935 million for May, according to Refinitiv. The May JOLTS data showed that the number of new hires rose to 6.21 million from 6.1 million, quits jumped up to 4.02 million from 3.77 million and layoffs dipped to 1.56 million from 1.59 million. As of May, there were 1.6 open jobs for every person looking for one, BLS data shows.

Organizations: Minneapolis CNN, of Labor Statistics, BLS, Labor, Federal Reserve Locations: Minneapolis, United States

☆ June jobs report preview: Growth but gradual cooling expected
▼ + stars: | 2023-07-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —When the June jobs report lands on Friday, it’s all but certain to show that the US labor market has added jobs for 30 consecutive months. And this year’s monthly average of 314,000 net job gains far exceeds what was seen before the pandemic, including during that 100-month stretch post-Great Recession. Sarah House, senior economist at Wells Fargo, said she’s expecting a “gradual cooling” to wash over the labor market. “The jobs market is not collapsing,” she said. The timing of the Fourth of July holiday resulted in a load of labor market data landing within 24 hours of the government’s monthly jobs report.

Persons: Sarah House, she’s, ”, wilder, Andy Challenger, ” Aaron Terrazas Organizations: Minneapolis CNN, Federal Reserve, of Labor Statistics, Labor, Challenger, Fed Locations: Minneapolis, Wells Fargo

☆ The National Guard says it's struggling to hire because workers are being lured in by Wendy's, Amazon, and FedEx instead
▼ + stars: | 2023-07-06 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

The National Guard says it's struggling to hire as big private companies boost pay and benefits. Maj. Marco Irenze said, per a press release by the National Guard Association of the United States last month. Across all private nonfarm jobs, workers in production and nonsupervisory roles earned $28.75 an hour in May on average, per preliminary seasonally-adjusted BLS data. "This is the most challenging recruiting environment the Department of Defense has probably ever faced," Col. Anthony Pasquale, the chief of the Air Guard's recruiting & retention division, said, per the press release. As well as high wages in other industries luring workers away from the military, the pandemic also made it harder for the National Guard to recruit in traditional ways such as at high schools, the National Guard Association said.

Persons: it's, —, Carl's, Marco Irenze, Irenze, didn't, Col, Anthony Pasquale Organizations: National Guard, Wendy's, UPS, FedEx, Microsoft, Service, Nevada Guard, National Guard Association of, Nevada Guard's, Battalion, Washington Air Guard's, Mobile, Illinois Army Guard's Woodstock Sustainment Program, Workers, Employers, Bureau of Labor Statistics, Department of Defense, Air, Air Guard, National Guard Association Locations: Amazon, United States, Nevada

☆ $104,400 classes as a 'low' income for a single-person household in San Francisco, California's housing department says
▼ + stars: | 2023-06-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

$104,400 is a "low" income in San Francisco County, according to California's housing department. Such a salary classes as a "low'" income in San Francisco County, according to California's Department of Housing and Community Development. In San Francisco County, the median income for a one-person household is listed as $122,500, per California's housing department. Making $18,400 a year is an "acutely low" income, $39,150 is "extremely low," $65,350 is "very low," and $104,400 is "low." Marin County, which is directly north of San Francisco County, and San Mateo County, to the south, both have the same income limits.

Persons: — Organizations: Service, California's Department of Housing, Community, Fox Business, US Department of Housing, Urban, Survey, Stanford University, San, US Bureau of Labor Statistics, Census Locations: San Francisco County, Mississippi, San Francisco, Marin County, San Mateo County, Santa Clara, Jose, Google's, Palo Alto, New York City, Jersey City, San Francisco's

☆ If you'd rather quit your job than return to the office, there are still plenty of remote opportunities out there
▼ + stars: | 2023-06-29 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Is it still safe to quit your job simply because you don't want to return to the office? The job market is still strong and offers a higher share of remote job postings than pre-pandemicData from the Bureau of Labor Statistics, or BLS, shows the labor market is still robust. Cory Stahle, an Indeed economist, noted at a press event last week that "remote work is something that is here to stay." Even Indeed renamed its Remote Job Tracker given the demand for hybrid employees, noting as hybrid "work arrangements emerge as a primary modality of flexible work — which itself is a topic of growing interest to job seekers, employers and policymakers alike — we are updating and renaming the Remote Tracker to the Remote & Hybrid Job Tracker." Did you quit your job after being told to return to the office?

Persons: there's, —, Insider's Juliana Kaplan, She's, Bonnie Chiurazzi, Chiurazzi, Lab's Daniel Culbertson, Culbertson, Cory Stahle, Stahle, Dawn Fay, Robert Half, Fay Organizations: Service, ADP Research Institute, Bureau of Labor Statistics, Labor, Survey Locations: North America

☆ Here's the highest-paying job in every state
▼ + stars: | 2023-06-27 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

We looked at the best-paying job for each state and Washington, DC, based on available averages. For our analysis, Insider only looked at jobs with at least 1,000 employees in the state and for which BLS published a specific average annual wage estimate. Insider omitted jobs without an employee estimate, without a specific average annual wage amount, or without any average annual wage data at all from our analysis. The following map shows the highest-paying occupation for every state and Washington, DC, based on our methodology. Most of the 22 states where this is the highest-paying job pay more than that, with a few paying over $300,000 on average.

Persons: — Organizations: Service, Bureau of Labor Statistics, BLS, Physicians Locations: New York, Florida, California, Washington, DC, Tennessee, Louisiana, cardiologists, DC , New Jersey, North Carolina, Dakota, Vermont, North Dakota

☆ 44% of people with a side hustle think they'll always need it — and more are picking one up
▼ + stars: | 2023-06-26 | by ( Gili Malinsky | ) www.cnbc.com time to read: +2 min

And when it comes to the future, 44% of side hustlers also believe they'll always need one. 'A lot of workers are underpaid'In part, many people who tack on a side hustle do so because their full-time job is not covering their expenses. The median hourly rate for a person working in the food industry is $12.49, according to the Bureau of Labor Statistics. Half of workers in North America believe they are underpaid for their job, according to a 2022 ADP survey of 3,850 North American workers. In May, inflation was up 4% year-over-year, according to the BLS.

Persons: Zers, Gen Xers, Ted Rossman, hustlers, they'll, Rossman Organizations: Bankrate, Service, Bureau of Labor Statistics, BLS Locations: North America

☆ Rent has finally stopped rising. It's great news for tenants and the economy.
▼ + stars: | 2023-06-25 | by ( Alcynna Lloyd | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

US rental growth is now below pre-COVID norms, giving renters more options. Rental growth in the US is now below pre-COVID norms, Jay Parsons, the SVP, chief economist and head of industry principals at RealPage, told Insider. Throughout the pandemic, soaring rental prices — brought on by population growth and heightened demand — have helped to drive inflation to historic levels. With lower inflation, renters can have increased confidence in a more stable rental economy while giving renters more options. "I think over the next year and a half, we're gonna see very limited rent growth," Parsons said.

Persons: —, Jay Parsons, Parsons, Zillow, we're Organizations: Service, Bureau of Labor Statistics, Federal Reserve Bank of Cleveland's, CPI, Federal Reserve Locations: metros

☆ Women are seeing historic labor market gains. AI could disrupt that
▼ + stars: | 2023-06-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +11 min

Minneapolis CNN —More prime working age women are employed in the United States now than ever before. The labor force participation rate for women between 25 and 54 years old set a record high in April and then again in May, rebounding from the pandemic “she-cession” and returning to its pre-pandemic form of making progressively historic labor market gains. Estimates that nearly eight out of 10 women workers could be affected “are just staggering,” said Julia Pollak, chief economist with online job marketplace ZipRecruiter. “Some of these things are becoming more prevalent, and that’s supportive of more women in the labor market,” she said. On the other hand, AI could prove harmful and threatening for any role that is highly “automatable,” Peterson said.

Persons: Goldman Sachs, University of North Carolina’s, ”, Julia Pollak, it’s, Mark McNeilly, Flagler, “ It’s, ‘ I’m, ’ ” McNeilly, “, Pollak, didn’t, Dana Peterson, that’s, ” Peterson, Ben Zweig, Jobs, Peterson, we’ve, Sara Mannheimer, Kathrin Ziegler, ” Meredith Nudo, you’re, Nudo Organizations: Minneapolis CNN —, University of North, University of North Carolina’s Kenan, Flagler Business School, Kenan, Flagler, UNC Kenan, CNN, of Labor Statistics, Conference Board, Baby Boomers, Labs, Montana State University, Institute of Museum and Library Services, Librarians, Digital, National Association of Voice Locations: Minneapolis, United States, Houston

☆ Parents are struggling at work or quitting altogether because of the childcare crisis. This map shows how bad it is for families in every state.
▼ + stars: | 2023-06-18 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +6 min

A new report from the Annie E. Casey Foundation finds that childcare is weighing on parents' jobs. BLS data shows many employed people miss work because of childcare issues. Those job changes, per the report, "include quitting a job, not taking a job or greatly changing a job in the previous year." An analysis by economist Clive R. Belfield estimated that, roughly, inadequate childcare costs the US $122 billion annually, with $78 billion of that loss coming from parental income. Did you have to quit your job, reduce your work hours, or make another job change because of childcare issues?

Persons: Annie E, —, that's, AECF, Lisa Hamilton, Hamilton, Rachel, Clive R, Patty Murray Organizations: Casey Foundation, Service, National Survey of Children's, US Women's Bureau, Department of Labor, DC, Center for American, Bureau, Labor, Survey, jkaplan Locations: Washington, Arizona, North Carolina, Vermont, , Nebraska, DC, Massachusetts, Connecticut

☆ Fed officials are pausing rate hikes to see what they've done to the economy. Will they learn anything new?
▼ + stars: | 2023-06-17 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Month after month, the jobs report data exceeds economists’ expectations. The Fed will also be paying close attention to fresh data on job openings and wages. Powell has consistently said he wants to see the number of job openings per unemployed person come down. Job openings fell to the lowest level in nearly two years. But some of that progress was erased in April, when job openings unexpectedly rose, pushing the ratio to 1.79, according to initial estimates from the BLS’ Job Openings and Labor Turnover Survey.

Persons: Jerome Powell, we’ve, ”, Powell, That’s, Powell’s Organizations: New, New York CNN, Federal Reserve, Fed, of Labor Statistics, Labor, BLS, CNN Locations: New York

☆ Why economists say it's a near certainty that housing inflation will soon fall
▼ + stars: | 2023-06-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

That gives housing an outsized influence on the overall direction of inflation data. Housing inflation has been stubbornly high for months, according to CPI data. But economists think it has peaked and is on the precipice of a reversal. "I know this with about as high a degree of confidence as one could have," Mark Zandi, chief economist at Moody's Analytics, said of falling housing inflation being near at hand. The latest CPI reading, issued Tuesday, showed a monthly increase in shelter inflation, to 0.6% in May from 0.4% in April.

Persons: Richard Newstead, Mark Zandi, Andrew Hunter, Jason Furman, Obama Organizations: Moody's, Capital Economics, CNBC, Finance, Social Security, U.S . Bureau of Labor Statistics, BLS, Harvard University, White House Council, Economic Advisers, Twitter, CPI

☆ Bad news for the Fed: American workers are becoming less productive
▼ + stars: | 2023-06-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But what does the Fed mean when it talks about labor markets and their impact on inflation? What’s happening: At its most basic level, labor productivity is a measure of the value of the goods and services produced by a company compared with the amount of labor used to produce that output. Labor productivity decreased 2.1% in the first quarter of 2023, the US Bureau of Labor Statistics reported earlier this month. The silver lining: The good news is technological innovations typically drive upturns in productivity and AI could be such an innovation. Absolutely not,” Yellen said, echoing the joint statement leaders from the Group of Seven made at last month’s summit in Japan.

Persons: Lisa Shalett, ”, Lisa Cook, Joseph Brusuelas, Sundar Pichai, aren’t, Jeffrey Sonnenfeld, Richard Blumenthal, “, Doug McMillon, Roger McNamee, Steven Spielberg, Vito Corleone, Janet Yellen, ” Yellen, Elisabeth Buchwald, Yellen, Biden Organizations: CNN Business, Bell, New York CNN — Federal Reserve, Morgan Stanley Wealth Management, Fed, Labor, US Bureau of Labor Statistics, BLS, McKinsey Global Institute, Federal, RSM US, of America, Google, Yale School, Management’s, Leadership Institute, Walmart, Technology, Financial, International Monetary Fund, Inter, American Development Bank group’s, African Development Fund, IMF Locations: New York, United States, Michigan, Connecticut, China, Japan

☆ Here's the inflation breakdown for May 2023, in one chart
▼ + stars: | 2023-06-13 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

The CPI is a key barometer of inflation, measuring prices of anything from fruits and vegetables to haircuts and concert tickets. Where consumers saw inflation, deflation in MayConsumers saw gasoline prices decline 5.6% between April and May, according to the CPI report. "Energy prices at this time last year were just absurd," Leer said. watch nowBut food and energy prices can be volatile. "The progress on core inflation has stalled out in recent months," said Greg McBride, chief financial analyst at Bankrate.

Persons: Michael M, Leer, Greg McBride, They're, Ben Bernanke, Olivier Blanchard Organizations: Lincoln Market, Santiago, Getty, U.S . Bureau of Labor Statistics, Consumers, CPI, Bureau of Labor Statistics, BLS, U.S . Federal Reserve, Peterson Institute for International Economics, Bankrate Locations: Prospect, Brooklyn, New York City, U.S, Ukraine

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