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US Inflation Rises Sharply

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A slew of important inflation and employment information has just been released in relation to the US economy in the form of the April Consumer Price Index (CPI) data and a weekly update to the jobless claims statistics.

The headline US CPI year on year figure is now running at 2.0%, this represents a further increase on the March reading of 1.5% and hits both the market estimate and the Federal Reserve target level of 2.0%. Month on month this number has come in at 0.3% for April, higher than last month’s 0.2% increase and meeting the expected increase cited by market economists.

The slightly less volatile Ex Food & Energy CPI reading year on year is 1.8%, this is also up on March’s 1.7% and is ahead of the market expected 1.7% reading. Month on month the Ex Food & Energy print is 0.2%, equaling the prior reading of 0.2% and greater than the anticipated 0.1% level.

The Non Seasonally Adjusted CPI number for the month of April has been announced as 237.10, this is above the March report of 236.29 and meets the market consensus expectation of 237.10. The Core Seasonally Adjusted figure has just been reported as 237.16, a further gain on the prior month’s recording of 236.6.

Moving to employment, the Initial Jobless Claims for the week ending May 9th has shown a slight increase in the number of individuals signing on to the unemployment register for the first time. Last week’s figure was 297k, down on the 319k reported the week before and also lower than the market consensus of level of 320k newly unemployed individuals.

The Continuing Jobless Claims are a week out of sync so the data just published is for the week ending May 2nd. This shows the ongoing number of unemployed to be 2.667M compared to 2.685M the previous week and a market consensus level of 2.639M.

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