Producer Price Index up 0.3 percent in June and 3.4 percent year-on-year
The Producer Price Index for final demand rose 0.3 percent in June, down from 0.5 percent in May but up from 0.1 percent in April. On an unadjusted basis, the final demand index moved up 3.4 percent for the 12 months ended in June, the largest 12-month increase since climbing 3.7 percent in November 2011.
JOLTS: Job openings dipped 3.0 percent in May as hiring picked up
The number of job openings edged down 3.0 percent to 6.6 million on the last business day of May. Over the month, hires rose 3.1 percent to 5.8 million, while separations rose 0.8 percent to 5.5 million.
June Employment Trends Index rebounded from May, up 5.2 percent year-on-year
As expected, after decreasing in May, the Employment Trends Index continued its solid path upwards in June, with positive contributions from all of its components and rising by 5.2 percent year-over-year to 108.94. The labor market will continue to tighten in the coming months, with strong employment growth outpacing the number of people entering the labor force.
Consumer borrowing picked up in May at fastest rate in six months
Consumer borrowing picked up in May, with total consumer credit increasing at an annual growth rate of 7.6%, which is the fastest pace of credit growth since November. Most of this was due to revolving credit, like credit cards, which rose by 11.4% in May, and indicating consumers are willing to increase their spending after a slow first quarter of the year.
June Small Business Optimism Index dips 0.6 points but still at high level
The Small Business Optimism Index posted its sixth highest reading in survey history for the month of June, at 107.2, down 0.6 from May. Since December 2016, the Index has averaged an unprecedented 105.4, well above the 45-year average of 98 and rivaling the all-time high of 108.0 in July 1983.
Wholesale inventories rose faster than expected in May as domestic demand rose
U.S. wholesale inventories were a bit higher than initially estimated in May, rising by 0.6 percent amid strong increases in the stocks of machinery and a range of other goods. Economists expect the pace of inventory accumulation to pick up slightly in the second quarter after weak domestic demand in the first quarter.