U.S. Economic News

June 11, 2020

U.S. Economic Indicators

The headline Producer Price Index (“PPI”) for final demand rose 0.4% in May but is down 0.8% year-over-year. The core – which removes the volatile prices of food, energy, and trade services – rose 0.1% in May but is down 0.4% from a year ago, the largest year-over-year decline since the index began in 2013. BLS Report

Initial jobless claims fell 355,000 to 1,542,000 last week. The four-week moving average decreased 286,250 to 2,002,000. DOL Report

U.S. News

According to the Financial Times, data published yesterday by Mastercard suggests that retail sales in the United States are picking up, with sales in home improvement, ecommerce, and groceries leading the recovery. Although May sales at many retailers are down year-over-year, this past month’s sales exceeded expectations and have consistently increased from the start of reopening, suggesting that consumer spending may be on the mend faster than expected. FT