US Core CPI Rises Less Than Expected for Fifth Month
We've got an upside surprise here that kind of makes a little hash of perhaps the treasury secretary's claim that inflation hasn't hit yet. CPI comes it up 3/10 of a percent. The downside surprise, though, is in the core, up just 2/10 of a percent. Both were up a 10th of a percent last month. Year over year we go to 2.7%, which is higher than the anticipated 2.6%. It's a 3/10 percent move up from last month. And core is at 2.9%. That is what was expected last month. It was 2.8%. Let me just quickly mentioned empire manufacturing. It goes up 22 points to a positive 5.5 important because that's July number one of the first July numbers we get. And it is the first time it's been positive since February. Prices paid, though, went up.
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