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But we saved everything 🙂.
E.J. Antoni reports that U.S. retail sales excluding autos in May are projected to have declined by 0.3% month over month, and by 1.3% after adjusting for higher prices.
He highlights that the Iran war has contributed to a clear reacceleration in inflation, with consumers spending more money while actually purchasing fewer goods.
Antoni previously reported that the Dallas Fed's trimmed mean PCE inflation rate edged down to 2.3% in April, with mixed trends in short-term annualized data here. He also noted that jobless claims, though recently higher, remained below last year's levels here. These updates continue to inform his assessment of current inflation pressures and consumer behavior.