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So far, that has not clearly dented consumer spending, though 'real' purchases adjusted for inflation may have slipped a bit, according to a Bank of America Institute study of credit card spending. Excluding energy-related services, inflation for 'core' services has accelerated for eight months straight, and their share of overall inflation has risen also. Rising online prices were a hallmark of the COVID goods binge.Д«ut services are taking up the slack. Prices fell on a month to month basis for 10 of the 18 categories tracked by the company.

Monthly e-commerce data from Adobe, released Thursday, showed inflation for goods purchased online eased in May to a 2% annual rate, down from a March peak of 3.6%. Shipping costs and port backlogs are easing, and supply chain indices from both the New York Fed and Oxford Economics eased through May. Inflation for goods has eased as expected, with demand falling and growing evidence that supply-chain problems are improving. Within the headline number, the subtext may be more troublesome. The Fed uses a slightly different measure for its 2% inflation target, but it is running at 6%, causing the Fed to engineer one of its fastest-ever turns toward tighter monetary policy, with President Joe Biden's blessing in hopes prices will ease soon. New consumer inflation data due Friday is expected to show headline prices rose by 8.3% annually, a multi-decade price shock that has cut Americans' purchasing power, boosting food costs and pushing gasoline near $5 a gallon. 'Wage inflation there is stronger in a range of sectors from the low end.to the high end' - from restaurant workers to well-paid professionals. 'A rise in consumption back towards services may not help much,' given higher labor demand and higher wage growth in the service industry, said Harry Holzer, a Georgetown University economics professor and Brookings Institution fellow.

Target seasonal presentation expert job description