WASHINGTON, June 10 ― The number of Americans filing new claims for unemployment benefits likely fell last week to the lowest level in nearly 15 months, while consumer prices increased further in May as the pandemic's easing grip on the economy continues to boost demand.
Layoffs are abating, with employers scrambling for labour as millions of unemployed Americans remain at home because of trouble securing child care, generous unemployment benefits and lingering fears of the virus even though vaccines are now widely accessible. In the 12 months through May, the CPI is forecast accelerating 4.7 per cent. That would be the biggest year-on-year increase since September 2008 and follow a 4.2 per cent rise in April. The anticipated jump will partly reflect the dropping of last spring's weak readings from the calculation. These so-called base effects are expected to level off in June.
“We have not yet seen the peak in inflation, but that should occur in the current quarter, though existing pressures should keep the year-over-year pace elevated for the remainder of 2021,” said Sam Bullard, a senior economist at Wells Fargo in Charlotte, North Carolina.
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