U.S. inflation soared to 9.1% in June, surpassing an 8.8% estimate by Dow Jones and marking the fastest pace since November 1981. With another 75 bps federal rate hike seemingly inevitable in July, recession possibilities are rapidly growing.
However, according to the U.S. Bureau of Labor Statistics, the unemployment rate remained at 3.6% in June. Job growth accelerated faster than expected in June, with non-farm payrolls up 372,000 in the month, compared with the 250,000 Dow Jones estimate.
