PCE inflation rose to 4.1% year-over-year in May, a three-year high, as Q1 GDP was revised up to +2.1%. The June flash manufacturing PMI hit a four-year high of 55.7, but its employment sub-index contracted at the fastest pace since COVID lockdowns.
Upward revision to first-quarter GDP growth to 2.1 percent underscores the economy's resilience amid contained inflation. Source
