Growth & Labor
Final estimate up from 1.6% second estimate; consumer spending +0.5%
June employment report due July 2. Up from 4.1% year-ago.
Job gains led by leisure and healthcare; offset by decline in financial activities
Job vacancies per unemployed worker at 1.25x; down from 2.0x peak in 2022
Average Hourly Earnings YoY; moderated slightly from 3.6% in April
Consumer spending resilient despite weak sentiment readings
Percentage of disposable income saved; well below the 8.9% pre-pandemic average
Percentage of credit card balances in default; highest rate since 2011
Sharpest monthly decline since 2023; elevated financing costs a drag
20-city composite YoY; prices remain supported by historically low inventory
Up from 44.8 in May; remains deeply depressed vs. 100-pt baseline
Inflation & Monetary Policy
Energy prices up 23.5% YoY, primary driver of headline acceleration
Personal Consumption Expenditures index; preferred Fed gauge
Persistent underlying inflation; next PCE release July 30
Bounced back from months below 50; new orders and production lead
23rd consecutive month of sector expansion; prices index at multi-year highs
ICE BofA High Yield Option-Adjusted Spread; reflects strong corporate credit appetite
Trailing 12-month high-yield default rate; driven by telecom and retail defaults
Dot plot signals potential hikes in 2026 if inflation remains elevated
Total cash & near-money deposits; contracting YoY for the first time since the 1930s