By Staff Reporters
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U.S. inflation climbed to new 41-year high of 9.1% in June, as gasoline prices surged. Soaring gasoline prices in June drove the rate of U.S. inflation to 9.1%, a nearly 41-year peak. The CPI jumped 1.3% last month to mark the third time in the last four months it’s topped 1%. Economists polled by The Wall Street Journal had forecast a 1.1% advance.
Because of June’s higher-than-expected inflation jump, it’s likely seniors will receive a 10.5% adjustment to their Social Security checks in early 2023, the Senior Citizens League, an advocacy group for older Americans opined.
Nearly a third of job recruiters said they experience extreme stress on a weekly basis because of their work, according to a December survey by human-resources analytics firm Veris Insights. The research found that 77% of high-ranking recruiters are open to changing jobs, along with 65% of HR professionals — a figure that rose 17 percentage points from September to November last year.
And, the S&P 500 slipped 0.5%, and the Dow Jones Industrial Average shed 210 points, or roughly 0.7%, though both indexes pared losses from sharper declines earlier in the day. The NASDAQ Composite closed down 0.2% but was an outlier for much of the session, trading in the green as technology stocks rebounded.
Finally, US Treasury yields were also in focus with the most dramatic moves happening at the front end of the yield curve. The 10-year stood at 3.04% following the CPI print, with 2-year yields rising as high as 3.17%, further inverting the yield curve. The curve “inverts” when yields on shorter-dated Treasuries rise above those of longer-dated ones and have typically preceded recessions on Wall Street.
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