The White House
Here's what you need to know:
- Since President Trump took office, inflation is tracking at 1.9% - low and stable.
- Real average weekly earnings increased in July.
- Americans' real wages are up 1.3% over last year and have increased each month since President Trump took office.
- Wage growth for American workers is beating inflation, while Americans are getting more hours at work.
- Prices for everyday goods continue to decline - just in time for back-to-school shopping.
- Energy prices fell in July - including gasoline, which is down nearly 10% over last year, and propane, which is down 2.5% over last year.
- Egg prices fell once again in July and are down 20% since President Trump took office.
- Smartphones: -14.7% y/y
- Fuel oil: -2.9%
- Energy commodities: -9%
- Hotels: -4.8%
- Education & communication commodities: -4.3%
- Ship fares: -4.9%
- Propane: -2.5%
- Internet services: -2.4%
- Butter & margarine: -1.8%
- Nonprescription drugs: -1.8%
- Books: -1.8%
- Rice & pasta: -1.5%
- Frozen veggies: -2.2%
- Tinned fish: -1.3%
- Sports tickets: -1.1%
- Peanut butter: -3.3%
- Shelter inflation - the largest contributor to overall inflation - is at its lowest level since October 2021.
- Small business optimism reached a five-month high.
- Bloomberg: "Sentiment among US small businesses climbed to a five-month high in July as owners grew more upbeat about the economic outlook, fueling a pickup in expansion plans."
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