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Consumer Price Index: Difference between revisions
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The labor market is still resilient to rates increases, and wages are still above average, due to this we can still expect pressure to the upside in CPI in the coming months, especially in the service sector.<ref>https://tradingeconomics.com/united-states/wage-growth#:~:text=Wage%20Growth%20in%20the%20United,percent%20in%20March%20of%202009</ref> | The labor market is still resilient to rates increases, and wages are still above average, due to this we can still expect pressure to the upside in CPI in the coming months, especially in the service sector.<ref>https://tradingeconomics.com/united-states/wage-growth#:~:text=Wage%20Growth%20in%20the%20United,percent%20in%20March%20of%202009</ref> | ||
*In April, average hourly earnings for all employees on private nonfarm payrolls rose by 16 cents, or 0.5 percent, to $33.36. Above the 0.3% estimate | |||
* In | *Over the past 12 months, average hourly earnings have increased by 4.4 percent. Exceeding the 4.2% estimate | ||
* Over the past 12 months, average hourly earnings have increased by 4. | * In April, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.4 percent, to $28.62.<ref>https://www.bls.gov/news.release/empsit.nr0.htm</ref> | ||
* In | |||
===2. Supply chain issues=== | ===2. Supply chain issues=== | ||
Past developments: [[Supply Chain Developments]] | Past developments: [[Supply Chain Developments]] | ||
Global supply chain conditions have largely normalized, this trend will continue to contribute to disinflation in the goods sectors, however the contribution will start to be more limited, after supply chain normalized more and more.<ref name=":22">https://www.newyorkfed.org/research/policy/gscpi#/interactive</ref> | Global supply chain conditions have largely normalized, this trend will continue to contribute to disinflation in the goods sectors, however the contribution will start to be more limited, after supply chain normalized more and more.<ref name=":22">https://www.newyorkfed.org/research/policy/gscpi#/interactive</ref> | ||
* Global supply chain pressures decreased again in | * Global supply chain pressures decreased again in April, falling to 1.32 standard deviations below the index’s historical average. The March value was revised downward from 1.06 to 1.15 standard deviations below the index’s historical average.<ref>https://www.newyorkfed.org/research/policy/gscpi#/interactive</ref> | ||
* There were significant downward | * There were significant downward contributions from Euro Area delivery times, Euro Area stocks of purchases, and Korean delivery times. While the overall index declined, there was a notable upward contribution from Taiwan stocks of purchases | ||
===3. PPI=== | ===3. PPI=== | ||