What to Look Out for in Economic Data This Week (June 8-12)

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: Economists expect the May CPI report to show that higher energy prices continue to lift inflation.

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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)

Wednesday (6/10)

CPI will likely show that inflation remained hot in May

The May jobs report showed the labor market remains resilient — making accelerating inflation the Fed's top concern.

Indeed, the annual increase in the April CPI was the highest in nearly two years, jolted higher by surging energy prices. Due to the ongoing war in Iran, energy prices were up nearly 18% year over year in April, while gas prices jumped 28%.

"The inflationary effects of the Iran conflict continue to ripple through consumer prices," write a team of Wells Fargo economists led by Tom Porcelli. The group expects headline inflation to be up 0.5% from April to May and 4.2% higher year over year.

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"Higher costs of necessities continue to pinch consumers," they explain. "We estimate energy goods (primarily gasoline) rose 8% in May, while food prices advanced 0.3%."

The economists expect core CPI, which excludes volatile food and energy prices, to be up 0.2% month over month — slower than April's 0.4% increase — and 2.8% higher than the year prior. Outside of prices for automobiles, Wells Fargo believes inflation among other goods eased last month "as tariff-related price hikes ebb and the Iran conflict's second-round effects on costs for transportation, packaging, etc. are slow to filter into retail prices."

Thursday (6/11)

Friday (6/5)

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.

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