-->Import prices jumped a much higher-than-expected 1.6 percent in May compared to April, inflated by a 10.3 percent surge in petroleum prices.

The rise excluding petroleum was less severe but still notable, up 0.4 percent.

The year-on-year gains are high, up 3.0 percent excluding petroleum and up 7.0 percent including petroleum. Those suspicious that inflation is catching the Federal Reserve flat footed will find evidence in this report.

Export prices rose 0.3 percent in the month with agriculture continuing to be a hot spot, rising 0.5 percent on the month and 20.9 percent on the year.


Weekly initial jobless claims rose 12,000 in the June 5th week to a disappointing 352,000. Note the results, covering the shortened Memorial Day workweek, are especially exposed to distortions from calendar effects and seasonal adjustments.

But the four-week average, which smoothes out the weekly series, was also disappointing, rising 4,750 to 346,000 and indicating that layoffs are not easing.