US May PPI: An absolutely brutal 6.5% year ago increase in wholesale inflation.
The final demand estimate implies a combination of thinning margins & further increase in inflation. #Econ #EconSky
It's becoming clearer how exactly the world has adjusted to the Strait of Hormuz shock.
China is about 15% of global crude demand and import volumes have fallen by about a third between March and May. So roughly 5% of global consumption is being absorbed through domestic inventory drawdown.
Pretty much nails down the vibes on this CPI print: not good news, could be worse, so far no signs of pass through except to airfares, no one knows when the Strait will open or how this goes if it stays closed
they were following up with a new method to verify my identity so I couldn’t be charged for overpayment. Apparently this can happen even if you never received any benefits so they were following up. “I never got the software to work last time” I said...
I’m afraid she’s right. All LEHD data use some form of noise infusion in order to release detailed data. What on earth does the admin have against noise infusion? It’s useful if you want to avoid suppressions, which the new rules also ask for
“Nobody’s on Bluesky” they all say but tell one funny anecdote about your failed attempts to file a UI claim around here and suddenly you’re on Planet Money.
Former head of the Bureau of Labor Statistics. Ex-Council of Economic Advisers, Census, Treasury. Dual DC/Bay Area citizen. Personal account, all opinions my own
