Inflation will be the main focus of the economic calendar, with updates on consumer and wholesale prices due out. The data will follow several reports that show higher energy prices are accelerating price growth — and making new Federal Reserve Chair Kevin Warsh's efforts to cut interest rates all the more difficult.
Economic reports we're watching:
Wednesday, June 10: Consumer Price Index (CPI) and core CPI: Higher energy prices continued to lift inflation in May.
Friday, June 11: University of Michigan's Consumer Sentiment Index: Inflation continues to be a top concern for consumers. What will June's data show?
Read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released in the next several days. At times, we provide expanded previews and recaps for select reports.
Please check back often. This economic calendar is updated regularly. Bolded reports are those considered more noteworthy. All reporting times are in Eastern Time.
Monday (6/8)
There are no noteworthy economic reports scheduled for release on Monday, June 8.
Tuesday (6/9)
Time released |
Economic report |
Period |
6 am |
NFIB Small Business Index |
May |
8:30 am |
Trade balance |
April |
10 am |
Existing home sales |
May |
10 am |
Wholesale inventories |
April |
Wednesday (6/10)
Time released |
Economic report |
Period |
8:30 am |
Consumer Price Index (CPI) |
May |
8:30 am |
Core CPI |
May |
2 pm |
Federal budget |
May |
CPI showed that inflation remained hot in May
While oil prices have pulled back from their early April highs near $113 per barrel, they're still up more than 35% since the war in Iran began in late February. And this has had a noticeable impact on inflation.
According to the Bureau of Labor Statistics (BLS), headline inflation was up 0.5% from April to May and 4.2% higher than the year prior. While the monthly increase decelerated from April's 0.6%, the annual rise was up from 3.8% the month prior and marked the highest yearly pace since April 2023.
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Energy costs had the biggest impact on the May CPI report. "The index for energy rose 3.9 percent in May, after rising 3.8 percent in April and 10.9 percent in March. The energy index accounted for over sixty percent of the monthly all items increase," wrote the BLS in its report.
Core CPI, which excludes volatile food and energy prices, rose 0.2% month over month and 2.9% year over year. This compares to April's increases of 0.4% and 2.8%, respectively.
Ahead of next week's Federal Reserve meeting — the first with Kevin Warsh at the helm — many are wondering if higher inflation readings mean the central bank's next move will be a rate hike.
But Skyler Weinand, chief investment officer at Regan Capital, doesn't see that happening any time soon. "It's clear that rate cuts are off the table, and while there is chatter about a potential rate hike, we believe it's unlikely that we'll see a rate hike before the midterm elections, and any such hike is likely a year away," he says.
Thursday (6/11)
Time released |
Economic report |
Period |
8:30 am |
Weekly jobless claims |
Week ending June 6 |
8:30 am |
Producer Price Index (PPI) |
May |
8:30 am |
Core PPI |
May |
Friday (6/5)
Time released |
Economic report |
Period |
10 am |
University of Michigan Consumer Sentiment Index (preliminary) |
June |
Did sentiment improve from May's all-time low reading?
Higher prices continue to be a top concern for most consumers, according to the University of Michigan, with both year-ahead and long-run inflation expectations arriving well above their 2024 levels in May.
And higher prices, combined with the war in Iran, are having a notable impact on consumer sentiment. Indeed, the UofM's Consumer Sentiment Index plunged 10% from April to May to 44.8 — the lowest reading on record.
"Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices," explains Joanne Hsu, director of the monthly Surveys of Consumers. "The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month."
Hsu adds that consumers appear particularly worried "that inflation will increase and proliferate beyond fuel prices, even in the long run."
We'll get the latest reading on consumer sentiment Friday morning, when the UofM releases its preliminary data for June.
Reporting schedules are provided Forex Factory and MarketWatch.
