Chris Rugaber

More information on CPI collection reductions More information on CPI collection reductions

CPI collected by BLS, of course, which as noted by @econreporter.bsky.social is having its own problems:

www.bls.gov/cpi/notices/...

More information on CPI collection reductions More information on CPI collection reductions

BLS explaining its CPI data collection reductions

"Roughly 15 percent of the sample in the other 72 areas also was suspended from collection, on average."

But it reassured this kind of reduction will have limited effect on CPI

www.bls.gov/cpi/notices/...

This doesn’t bode well for the future of economic data, particularly the CPI … (from New Yorker’s very good profile of Commerce Secretary Howard Lutnick).

Mostly weak data on jobs this morning:
_ Job openings 🔽to 7.4M from 7.7M (still high)
_ Gross hiring 🔽to 5.2M from 5.4M
_ Job differential in consumer confidence narrows: 18.9% say "jobs hard to get," highest in at least a yr
_ "Jobs plentiful" at 2nd lowest in past yr

Still, consumer confidence 🔼

Tariffs on South Korea's products threaten the 'K-beauty' boom in the US Asian skin care has been a booming global business for a more than a decade, with consumers in Europe, North and South America, and increasingly the Middle East, snapping up creams, serums and balms f...

This story from @apnews.com's @maetron.bsky.social suggests that many companies are still figuring out how to respond to tariffs -- likely means more price hikes to come:

apnews.com/article/tari...

Like 2.5 hours!

Trading a suit for boots and a hard hat: Behind the scenes at the Federal Reserve, mid-renovation On Thursday, staff at the Federal Reserve led a small group of journalists, photographers and television cameras on an extensive tour of the large, active construction site that comprises two 1930s-er...

When I traded my usual coat and tie (for Fed visits) for boots and a hard hat: A first-person account of the Fed tour Thursday:

apnews.com/article/fede...

This is Waller's face when pressed "would you accept the job if the President called"

Just how can you not like this guy?? 🤓🤓🤓🤓

Yes that is what the appointees were referring to when they pushed more marble. It's lower in our story.

Thank you!

Trump appointees pushed more marble in Fed building renovation White House now attacks President Donald Trump has looked to the marble finishes and hefty price tag of the Federal Reserve headquarters to claim grounds to fire Chair Jerome Powell, with whom he has tussled for years over i...

Trump has cited the Federal Reserve's costly renovation of two buildings as a potential firing offense for Chair Jerome Powell.

But in 2020, Trump appointees pushed the Fed to use more marble, and now WH officials cite "white marble" as an extravagance. W/Josh Boak:
apnews.com/article/powe...

🚨JUST IN: Trump’s appointees requested more marble for the Fed’s $2.5 billion renovation now attacked by White House as excessive.

Story TK

Federal Reserve says building renovation complies with law, defends costs Federal Reserve Chair Jerome Powell on Thursday said the agency’s renovation of its office complex in Washington complies with plans approved by a local commission, disputing a White House suggestion ...

Federal Reserve's Powell says in letter to White House that building renovation complies with law, defends its costs.

apnews.com/article/fed-...

Under fire by Trump over costs, Chair Powell seeks watchdog review of Fed building overhaul Federal Reserve Chair Jerome Powell is asking an inspector general to review the cost of the central bank’s building renovations that White House officials have attacked as “ostentatious."

Federal Reserve Chair Jerome Powell asks inspector general to review building renovation costs that the Trump White House is targeting in escalating attacks on Fed:

apnews.com/article/fede...

A Georgia town that solidly backed Trump could fall victim to his tax bill's green energy cuts No state may have more to lose than Georgia as Republicans in Congress look to gut federal subsidies that aid both the solar and electric vehicle industries.

Good story here from @apnews.com’s @jeffamy.bsky.social:

apnews.com/article/geor... A Georgia town that solidly backed Trump could fall victim to his tax bill's green energy cuts

It's probably too early to say we're seeing stagflation, but today's report on spending and prices shows durable goods prices rising steadily since January -- a likely tariff effect -- while overall spending is weakening.
apnews.com/article/infl...

College graduates face toughest job market in more than a decade as hiring slows Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade.

College students graduating right now are facing the worst job market for young grads in more than a decade. What's behind the slowdown -- AI? Uncertainty? Higher interest rates?

Our story takes a look:

apnews.com/article/coll...

Seems bad.

Nice win for Coco Gauff today:

apnews.com/article/fren...

Agents zip-tie kids in new immigration crackdown in Texas The children were between the ages of 9 and 12.

At least three immigrant children were taken into custody and restrained with zip ties at the San Antonio Immigration Court. The children were between the ages of 9 and 12.
www.mysanantonio.com/news/local/a...

Inflation data threatened by government hiring freeze as tariffs loom The Labor Department has cut back on the inflation data it collects because of the Trump administration’s government hiring freeze, raising concerns among economists about the quality of the inflation...

🚨The Trump administration's hiring freeze has caused the Labor Department to cut back on the data it collects to produce the main inflation index, the CPI.

It's happening just as the scrutiny of price data is heightened to see if tariffs boost inflation.

Our story:
apnews.com/article/infl...

Today's ISM services report suggests tariffs are working their way through supply chain, likely to boost prices soon. Still comments from survey respondents mixed:

apnews.com/article/elec... 

Man who blamed exposure to far-right content gets 3 years for threatening election officials:

What happens to Trump’s tariffs now that a court has knocked them down? A federal court in New York handed President Donald Trump a big setback Wednesday, blocking his audacious plan to impose massive taxes on imports from almost every country in the world.

apnews.com/article/trum... What happens to Trump’s tariffs now that a court has knocked them down?

Chart showing U.S. job seeker interest in international jobs on Glassdoor indexed to 100 pre-election. Big spike immediately post-election. Interest was 22% higher in the post-election-but-pre-inauguration period vs. pre-election. Interest was 6% higher in post-inauguration to May 19 vs. pre-election.

U.S. job seekers' interest in international jobs soared right after the election but then quickly began to taper. Between Election Day and Inauguration Day, U.S. workers' interest in int'l jobs ended up 22% higher than the pre-election baseline.

Post-inauguration, interest remains 6% higher.

1/

Retail sales slow in April after a spending splurge as Americans sought to front-run tariffs U.S. consumers spent slightly more at retail stores last month after ramping up their shopping in March to get ahead of tariffs.

Today's report on wholesale prices suggests retailers and wholesalers cut their profit margins, likely due to higher tariffs, and those additional costs could boost prices in coming months. #EconSky

Our story: apnews.com/article/econ...

What's happening with the US consumer?

Hard to gauge now, like rest of economy, but last month they cut back on imported items, such as clothes & sporting goods, with furniture and electronics also showing weak growth, while boosting spending at restaurants, bars and home and garden stores 🧵:

I think the 1.6% MoM fall in PPI Final Demand for wholesale and retail trade, which measures margin the companies earn, is consistent with my theory here.

Cost push are just starting to hit sellers, and they don't have a clear picture how and how much to pass it on yet

Federal Reserve official sees signs of slowing economy but not ready to cut rates A top Federal Reserve official said Friday that massive uncertainty created by President Donald Trump’s tariffs has caused some businesses to cut back on hiring and spending, threatening to slow the e...

Atlanta Fed's Tom Barkin says there are risks of higher inflation and higher unemployment but choosing to address one or other right now would be little better than "guessing."

Yet he also sees signs of business cutbacks, while inflation may be limited:

apnews.com/article/infl...

Florida man gored by bison in year's first attack by Yellowstone's most dangerous wild animal Yellowstone National Park has recorded the year’s first violent encounter between a visitor and bison, just weeks into the busy summer season.

Sorry, have to say I kind of enjoy these stories:

apnews.com/article/man-...