I got a chance to look through the internals of the BLS inflation report.
I would go so far as to characterize it as “bad news” but my sense of weaker than expected demand is growing.
Unadjusted rent of primary residence increased by 0.3% which is not bad, but mild for this time of year. I am looking for accelerating rents.
Unadjusted used car prices eased by 1.5%. Now, increases in new car availability as Japanese producer ramp up should soften used car demand. Nonetheless, its not the type of thing we would want to see.