The Bureau of Laor and Statistics (BLS) releases June inflation data [BLS RELEASE HERE]. Overall, the June rate of inflation decreased 0.4%, significantly faster than anticipated as energy prices and gasoline prices dropped.
Consumer demand on non-essential goods and services also contributed to a lowering of overall inflation as consumers continued holding back spending on products [Table 2]. Despite the tentative consumer spending, we should still anticipate significant GDP Growth in the second quarter as the value and volume of exports will push GDP statistics, despite consumer spending contraction.
