Overall CPI inflation rose by 0.3% in April, while core inflation—which excludes food and energy—also rose by 0.3%. This helped bring the year-over-year headline inflation down to 3.4% and core inflation to 3.6%.

In a noteworthy turn, core goods prices have experienced a continued decline, contributing to the first dip in inflation in six months.

Inflation expectations rose sharply to 3.5% from 3.2% for the next 12 months while longer-term expectations inched up to 3.1% from 3.0%.

Our preferred metric of new claims—the 13-week moving average—rose slightly to 211,000, still below the pre-pandemic level.

Hiring cooled in April from the torrid pace of 269,000 jobs on average during the first three months of 2024 as the economy generated an average increase of 175,000 in total employment.

Health care job gains remain strong, according to the U.S. monthly report on April numbers.

Citing a lack of progress in reducing inflation, the Federal Reserve kept its policy rate unchanged at 5.5% at its meeting on Wednesday, the same rate it has had since July.

Job openings in March plunged to 8.49 million, the lowest level in three years, according to the Bureau of Labor Statistics on Wednesday.

The employment cost index rose by 1.2% in the first quarter, up from 0.9% previously, while the year-over-year growth stayed elevated at 4.2%.

Spending remained strong in March on the heels of robust income growth despite sticky inflation, according to Commerce Department released on Friday.

Overall growth in U.S. gross domestic product fell to 1.6% in the first quarter, but the slowdown was exaggerated by volatile trade and inventory data, which provided a 1.2% drag on overall activity.

Total retail sales jumped 0.7% on the month, while February's number was revised up to 0.9% from 0.6%.

The University of Michigan's consumer sentiment index fell to 77.9 in April from 79.4, according to data released on Friday.

In the aftermath of the liquidity-related bank failures in March 2023, regulatory agencies and leaders have released numerous updates on supervisory expectations and calls for additional regulation.

The primary takeaway from the Federal Open Market Committee's policy statement and forecast is that the Fed, along with other major central banks.