U.S. Economic Snapshot
May 2024
United States
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After several months of stronger than expected growth, the labor market is starting to soften. This may be an early sign that the Federal Reserve’s restrictive policy actions are impacting growth. Consumer price inflation also slowed in the last month, although it still remains about the Fed’s target growth rate. However, global commodity prices are showing some signs of upward price pressure, with copper hitting an all-time high of $5 per pound in May.