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🇺🇸 Soft core CPI gave markets what they wanted. The PPI pipeline will take it back.
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🇺🇸 Soft core CPI gave markets what they wanted. The PPI pipeline will take it back.

Macro Soup Newsroom Macro Soup Newsroom 3 min read

May core CPI at +0.2% month-over-month calmed the market. But PPI is running at +6.5% year-over-year, the job-switcher wage premium has collapsed to 3.7%, and the Q3 cost pipeline hasn't landed yet.

Line chart titled Wage Growth Tracker showing three-month moving average of median wage growth percent from 2000 to 2025 with overall, job-stayer, and job-switcher lines.
Atlanta Fed Wage Growth Tracker data shows wage growth normalizing at 3.5 percent in May, decoupling from the sticky inflation figures. Source

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