US July 2019 consumer price index data:
- Prior was +1.6% y/y
- Ex food and energy 2.2% vs +2.1% y/y expected
- Prior ex food and energy +2.1% y/y
Month-over-month:
- CPI +0.3% vs +0.3% expected
- Ex food and energy +0.3% vs +0.2% expected
- Real avg hourly earnings +1.3% y/y vs +1.5% prior
- Real avg weekly earnings +0.8% y/y vs +1.2% prior
The two-month rise in core CPI was the most since April 2006.
The headlines are a bit hot but those wage growth numbers are dismal. Members of the Fed are increasingly inclined to lower rates in the hopes of generating a bit of wage growth for US workers.
