Daily News 6/18/2015
June 18, 2015
Thursday – June 18
Higher gasoline prices pushed consumer prices to their fastest pace since early 2013, according to data collected in May. The May Consumer Price Index (CPI) rose by 0.4%, versus the 0.5% expected, and has risen four straight months after declining from November to January due to plunging oil prices. Gas prices rose by nearly 11% in May, the largest gain in six years. When stripping out volatile food and energy, the Core CPI was up 0.1%, below the 0.2% expected. However, in the past 12 months, the CPI was unchanged, signaling muted inflation.
The long awaited roll out for the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure rule will now be delayed until October 1. The CFPB said that an administrative error occurred, which is holding up the new rule, originally planned to go into effect on August 1. The “Know Before You Owe” rule will also allow consumers more time to go over the cost of their mortgage.
Americans filing for first time unemployment benefits fell to a 15-year low in the latest week as the job market continues to improve. Weekly Initial Jobless Claims fell by 12,000 in the latest week to 267,000, below the 276,000 expected. Applications for first time claims have remained below the 300,000 level for weeks,. This is a sign that indicates employers are confident that consumers will continue to spend, thus retaining staff is a top priority.