Energy is doing a lot of the heavy lifting. Cheaper...
Energy is doing a lot of the heavy lifting. Cheaper energy played a major role in pulling inflation down to 4% last month from 4.9% in April, per Axios. Gas prices plunged almost 20% from last year, when Russia’s invasion of Ukraine sent fuel costs to the moon, while broader energy prices fell nearly 12%.
Food prices are up.The cost of food ticked up 0.2% in May from April after staying flat in the previous two months, showing how inflation has persisted on grocery store shelves. But not all aisles are created equal—the price of eggs dropped nearly 14% from April (the biggest one-month drop since 1951), while fruit and veggie prices rose 1.3%.
More than anything else, rent is propping up inflation. Shelter costs are the largest category in the CPI report, and they’re still on the upward march, climbing 8.7% from a year earlier. The good news: Economists say this government data doesn’t reflect on-the-ground information, such as reports of softening rent by Zillow and Apartment List. Shelter costs in the CPI are expected to decline during the second half of the year.
Good morning and Happy Flag Day, which commemorates the day in 1777 that the Stars...
Good morning and Happy Flag Day, which commemorates the day in 1777 that the Stars and Stripes was first adopted. Here are some other flag facts:
The current design is the 27th iteration of the flag and the longest-used design, since the US hasn’t added a new state since 1959 (plus the 51st star would mess up the symmetry).
Despite what you may have learned in middle school, there’s no evidence Betsy Ross had any role in making the first flag.
Last year, four senators introduced the All-American Flag Act to require the federal government to exclusively buy American flags made in the USA. As of 2017, the US imported 10 million American flags from abroad, 99.5% of which were made in China.
The American Petroleum Institute (API) reported a build of 1.024...
The American Petroleum Institute (API) reported a build of 1.024 million barrels this week.
Analysts were expecting a slight decline in U.S. crude-oil inventories from the previous week, with data from the Energy Information Administration (EIA) due on Wednesday. Average analyst estimates were for a 300,000-barrel decline for the week ending June 9, though forecasts ranged from a draw of 2.5 million barrels to a build of 2 million barrels.
The total number of barrels of crude oil gained so far this year is more than 39 million barrels.
Inventories at Cushing, Oklahoma, rose by 1.5020 million barrels, similar to last week.
Benchmark U.S. crude oil for July delivery rose $2.30 to $69.42 a barrel Tuesday. Brent crudefor August delivery rose $2.45 to $74.29 a barrel.
Wholesale gasolinefor July delivery rose 8 cents to $2.56 a gallon. July heating oilrose 9 cents to $2.40 a gallon. July natural gas rose 7 cents to $2.34 per 1,000 cubic feet.
Donald Trump was arraigned on federal charges of illegally retaining classified documents and obstructing investigators. He pleaded not guilty.
Nearly two-and-a-half years after leaving the White House, Mr. Trump began the legal process of defending...
Nearly two-and-a-half years after leaving the White House, Mr. Trump began the legal process of defending himself against 37 counts lodged against him in the case of the documents, last week by the special counsel, Jack Smith.
