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But we saved everything 🙂.
E.J. Antoni reports that U.S. import prices rose 0.3% month over month in June. Fuel prices declined 0.4% in the same period, which Antoni describes as a relatively small decrease following sharp increases in March, April, and May.
Antoni highlights that fuel costs climbed 44.1% year over year, accounting for most of the headline 7.1% annual increase in import prices, reaching a multi-year high.
Earlier this month, Antoni reported that the Paychex job index improved for the fourth consecutive month in June, marking its first annual rise since March 2022 (link). He also noted that ADP private payroll growth slowed, with the four-week moving average dropping to 19,750 per week for the period ending June 27 (link). These labor data points provide context as import and fuel prices remain elevated.