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WASHINGTON (Reuters) - U.S. consumer prices rose less than expected in August as increases in gasoline and rents were offset by declines in healthcare and apparel costs, and underlying inflation pressures also appeared to be slowing. The Labor Department said on Thursday its Consumer Price Index increased 0.2 percent last month after a similar gain in July. In the 12 months through August, the CPI increased 2.7 percent, slowing from July’s 2.9 percent rise. Excluding the volatile food and energy components, the CPI edged up 0.1 percent. The so-called core CPI had increased by 0.2 percent for three straight months. In the 12 months through August, the core CPI increased 2.2 percent after rising 2.4 percent in July.
Economists polled by Reuters had forecast the CPI climbing 0.3 percent and the core CPI gaining 0.2 percent in August, Despite the moderation in sterling blue enamel knot cufflinks price increases last month, inflation pressures are steadily building up, driven by a tightening labor market and robust economic growth, The Federal Reserve tracks a different inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, for monetary policy, The core PCE price index increased 2.0 percent in July, hitting the U.S, central bank’s 2 percent target for the third time this year..
An escalating trade war between the United States and China is expected to keep inflation high. President Donald Trump last week threatened duties on another $267 billion worth of Chinese goods on top of a $200 billion tariff list that is awaiting his decision. Washington has already slapped duties on $50 billion worth of Chinese imports, provoking retaliation from Beijing. The Fed is expected to raise interest rates at its Sept. 25-26 policy meeting. It has raised rates twice this year. Minutes of the central bank’s July 31–Aug. 1 meeting published last month showed “several participants commented that increases in the prices of particular goods, such as those induced by the tariff increases, would likely be one source of short-term upward pressure on the inflation rate.”.
Last month, sterling blue enamel knot cufflinks gasoline prices rebounded 3.0 percent after dropping 0.6 percent in July, Food prices edged up 0.1 percent, matching July’s rise, Food consumed at home was unchanged, Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, rose 0.3 percent in August after advancing by the same margin in, the prior month, The rent index shot up 0.4 percent, Healthcare costs decreased 0.2 percent last month, matching July’s drop, as prices for doctor and hospital services fell, Apparel prices tumbled 1.6 percent, declining for a third straight month, Prices for new motor vehicles were unchanged last month and the cost of used cars and trucks increased for a third consecutive month..
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting its lowest level in nearly 49 years and pointing to robust labor market conditions. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 204,000 for the week ended Sept. 8, the lowest level since December 1969, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 more applications received than previously reported.
Economists polled by Reuters had forecast claims rising to 210,000 in the latest week, The claims data covered last Monday’s Labor Day holiday, Claims tend to be volatile around public holidays, The Labor Department said only claims for Maine were estimated last week, The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,000 last week to 208,000, also the lowest level since December 1969, The labor market is viewed as being near or at full employment, It continues to strengthen, with nonfarm payrolls increasing by 201,000 jobs in August and annual wage growth notching its biggest gain in more than nine sterling blue enamel knot cufflinks years, Job openings hit an all-time high of 6.9 million in July..
The Federal Reserve’s Beige Book report, which was published on Wednesday, described the labor market as “tight throughout the country, with most districts reporting widespread shortages.”. Though there have been reports of some companies either planning job cuts or laying off workers because of trade tensions between the United States and its major trade partners, they have been partially offset by increased hiring in the steel industry. Economists, however, warn of widespread job losses if the Trump administration presses ahead with tariffs on nearly all Chinese imports. President Donald Trump last week threatened duties on another $267 billion worth of Chinese goods on top of a $200 billion tariff list that is awaiting his decision.
Washington has already slapped duties on $50 billion worth of Chinese imports, provoking retaliation from Beijing, The United States has also engaged in tit-for-tat tariffs with other trade partners, including the European Union, Canada and Mexico, Thursday’s claims report also showed the number of people receiving benefits after sterling blue enamel knot cufflinks an initial week of aid dropped 15,000 to 1.70 million for the week ended Sept, 1, the lowest level since December 1973, The four-week moving average of the so-called continuing claims decreased 8,250 to 1.71 million, the lowest level since November 1973..