September 2019 US consumer price index data:
- Prior was +1.7%
- Ex food and energy +2.4% vs +2.4% expected (2.4% prior)
- Avg weekly earnings +0.9% y/y vs 1.1% prior
- Real avg hourly earnings +1.2% vs +1.5% prior (prior revised to +1.4%)
Month-over-month data:
- 0.0% vs +0.1% exp (prior was +0.1%)
- Ex food and energy +0.1% vs +0.2% exp
The core y/y number held up but just about everything else was on the soft side with wages particularly soft. When the Fed looks at this, they're going to see more signs of weakness than strength and it's another small reason to cut rates this month.
Digging into the numbers, used-car prices fell 1.6% in the month and that was a drag on the headlines.
