Patrick Johnson

AP Economics and Civics Teacher at Nashua High School North

[Patrick Johnson @PJohnsonNHN]

Seeing the full spectrum of color for the first time! Enchroma glasses work! Great product @EnChroma

[Heather Long @byHeatherLong]

It's still tough for middle-class and moderate-income Americans.

Inflation: 3.5% in the past year
Wage gains: 3.5% in the past year

Inflation is wiping out wage gains for many.
Grocery prices also continue to rise.
But the picture did look slightly better in June than in April or May. The decline in gas prices, along with declines in electricity, apparel and medical care help.

The question is whether this relief is only temporary as the war in Iran restarts...

[Only In Boston @OnlyInBOS]

This was the merch line outside Fenway Park at noon ahead of Noah Kahan's show.

[Only In Boston @OnlyInBOS]

The line outside Fenway Park last night at 8PM for Noah Kahan merch.

[Patrick Johnson @PJohnsonNHN]

Have a 4th!

[Scott Lincicome @scottlincicome]

The Economist's new BBQ Index tracks the prices of 10 American cookout staples across 25 cities, and this year's results are not good.

The grocery basket now costs $81, which is 12% more than a year ago and "the fastest annual increase in a decade"

[Heather Long @byHeatherLong]

Big news: The Supreme Court prevents President Trump from firing Fed Governor Lisa Cook.
This is a win for Fed independence.
The vote was 5 to 4.

"The Founders knew from experience the calamities that could arise from even the 'suspicion' of political manipulation of monetary policy."

Roberts, Sotomayor, Kagan, Kavanaugh and Jackson voted in favor of Fed independence.

https://t.co/aYRR7NfU5k

[Heather Long @byHeatherLong]

JUST IN: Q1 GDP was revised up to 2.1%.
But check out the reason...it happened due to far less imports than originally thought.

Consumer spending -- the backbone of the US economy -- was anemic in Q1. It should rebound in Q2, but it's worth watching closely.

[Heather Long @byHeatherLong]

Americans are getting squeezed right now. They are no longer able to save much, if at all.

The personal savings rate has dipped to 3%
This is one of the lowest readings in the past 15 years.

Personal savings rate May 2025: 4.9%
Personal savings rate May 2026: 3%
There's been a downward trend for awhile, though it's been especially sharp for the past year.

[Heather Long @byHeatherLong]

Fed votes unanimously to keep rates unchanged at 3.5 to 3.75%.

But wow. What a dramatic change to the Fed statement. It's the shortest since the Alan Greenspan era. No forward guidance in the statement.

The Dot Plot was released. It shows HALF expect to hike rates in 2026 (with at least 6 indicating two or more hikes).

[Heather Long @byHeatherLong]

JUST IN: US inflation jumped to 4.2% (y/y) in May —>the highest in 3 years and up from 2.4% in February before the war in Iran.

Higher gas and energy prices drove 60% of the gain. Shelter and food (especially restaurants) also contributed. The monthly increase was 0.5%.

Core inflation (excluding food and energy) was 2.9% —>highest since September

[Justin Wolfers @JustinWolfers]

The graph is the story: Unemployment is stabilizing at a reasonably happy level.

[Justin Wolfers @JustinWolfers]

Wowee!!!!

Payrolls grew a massive +172k in May, well above expectations.

April also revised up +64k to +179k, and March revised up +29k to +214k.

The labor market appears to be motoring along after a slow 2025.

Take that recession talk off the table.

[Heather Long @byHeatherLong]

May's 172,000 job gains were dominated by:

Hospitality: 70,000 (mainly restaurants)
Local gov't: 55,000
Healthcare: 35,000

But if you look at jobs gains in the past 3 months, you see a lot of industries hiring. (The exceptions are tech and finance)

[Heather Long @byHeatherLong]

Honestly, it looks like the hiring recession is over.

US average job gains in 2025: 10,000 a month
US average job gains in 2026: 114,000 a month
Job gains in the past 3 months: 188,000

Almost every industry is hiring again except tech and finance. There are a lot of encouraging signs for the labor market heading into summer. (Unfortunately, inflation is a lot worse).

[Heather Long @byHeatherLong]

Keep an eye on this.
50% of items in the CPI inflation report are growing at 3% or higher right now.

It's a telling metric... it underscores that this is more than just an "energy shock." The inflation problem is deeper and wider than that.

[CBS News @CBSNews]

Literacy skills are dropping in wealthy developed countries, including the United States, according to data from The Organisation for Economic Co-Operation and Development. Andreas Schleicher, the OECD Director of Education and Skills, tells Leigh Kiniry that the best thing parents can do for children to improve overall development is read to them, and that reading books over 100 pages is linked to greater digital literacy, including the ability to separate fact from fiction.

[The Washington Post @washingtonpost]

After years of debate about higher education's value, a study of nearly 1 million undergraduates shows that college pays off financially for most students.

But the report found that the benefits depend on varying factors, including the degree and major: https://t.co/UDLfOEk1lK

[The New York Times @nytimes]

Breaking News: Cuba’s oil reserves have run dry, its government said, potentially plunging the country into more debilitating blackouts. https://t.co/QIA61bDGFE

[The New York Times @nytimes]

Breaking News: The Senate confirmed Kevin Warsh, President Trump’s pick, to become the next chair of the Federal Reserve, replacing Jerome Powell. His confirmation comes with heightened concern about the Fed’s ability to operate independently. https://t.co/xYakru1P64

[The Associated Press @AP]

When the cost of nearly everything is rising, economists call it inflation.

Even if paychecks also rise, inflation typically leads people feel like it's harder to make ends meet, and it often becomes a major political issue.