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New claims for unemployment insurance are now down to 200,000 as of the last week in May after having risen slightly the second and third weeks of the month.
Average hourly wages have increased over the past 12 months by 5.2%, still below the overall increase in prices for the month.
From the FOMC’s perspective, it is faced with PCE inflation running above its target, a strong labor market by most standards, and a moderately growing economy at about 2%.