The Consumer Price Index for May was 8.6%, compared to 12 months ago, the Labor Department reported Friday.
The monthly increase is the highest since 1981, as was the March number.
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The number of Americans who filed new unemployment claims decreased to 214,000 in the week ending March 12, the lowest level since the beginning of 2022, the Department of Labor announced Thursday.
The Labor Department figure showed a decrease of 15,000 compared to the week ending March 5, when new claims numbered just 227,000, according to data from the Bureau of Labor Statistics. The week’s claims were below predictions of economists surveyed by Dow Jones, who estimated that new claims reported Thursday would total 220,000.
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The Producer Price Index (PPI), which measures the prices suppliers charge businesses and other customers, surged 0.8% on a month-over-month basis as of February as consumer demand continues to spur inflation, the U.S. Bureau of Labor Statistics (BLS) announced Tuesday.
The PPI grew 10% on a year-over-year basis as of February, the BLS reported Tuesday. Economists surveyed by Dow Jones estimated wholesale prices would increase 0.9% on a monthly basis in the latest report.
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Consumer spending surged in January amid soaring inflation, the Commerce Department announced Wednesday.
Retail sales grew 3.8% in January, far exceeding the 2.1% Dow Jones estimate, the Commerce Department announced Wednesday. January’s figure represents the largest monthly increase since March 2021 and a significant snapback from December 2021 when sales decreased by 2.5%.
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Private firms’ payrolls increased by 807,000 in December, more than doubling expectations as COVID-19 cases rise, according to a major employment report.
The 807,000 jobs added marks a significant increase from the 505,000 jobs added in November, according to the ADP National Employment Report. December’s figure far exceeds the Dow Jones estimate of 375,000, according to CNBC.
“December’s job market strengthened as the fallout from the Delta variant faded and Omicron’s impact had yet to be seen,” said Nela Richardson, chief economist at ADP, CNBC reported. “Job gains were broad-based, as goods producers added the strongest reading of the year, while service providers dominated growth.”
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U.S. retail sales increased in October as shoppers faced the largest price increase in 30 years entering the holiday season.
Retail sales, a measure of how much consumers spent on goods, increased 1.7% in October, far exceeding September’s 0.7% figure, the U.S. Census Bureau reported Tuesday. Core sales, excluding autos, jumped 1.7% in October.
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Private firms’ payrolls increased by 571,000 in October, far exceeding experts’ expectations as hiring throughout the country heats up, according to a major employment report.
The 571,000 jobs added is a slight increase from the 523,000 jobs added in September, the ADP National Employment Report showed. The Dow Jones estimate predicted companies would add 395,000 jobs in October, CNBC reported.
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by Mary Margaret Olohan The stock market came roaring back Monday following a steep decline propelled by anxieties over the coronavirus. The Dow Jones Industrial Average climbed 5.1% or 1,293 points higher while the S&P 500 rose 4.6% and the Nasdaq Composite climbed 4.5%, CNBC reports. The stocks’ gains come after seven days of losses for…
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The Dow Jones passed the 29,000 mark for the first time in history during early trading Friday following a record high opening of S&P.
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