May Inflation Report Is A Disaster – Inflation Jumps 8.6%, Hourly Earnings Decrease

The May Inflation report is now in – it is a complete disaster.

US inflation jumped 8.6% in May.

From The Wall Street Journal:

U.S. consumer inflation in May reached its highest level in more than four decades as surging energy and food prices pushed prices higher.

The Labor Department on Friday said that the consumer-price index increased 8.6% in May from the same month a year ago, marking the highest reading since December 1981.

Economists surveyed by The Wall Street Journal had expected the consumer-price index to rise 8.3% in May.

Markets had been on edge waiting for Friday’s inflation figures. Traders and strategists say the inflation data could heavily influence the next stretch of trading for markets and help shape the Federal Reserve’s interest-rate decisions for later this year.

Breakdown of the report:

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