Fedís preferred inflation measure rose 4.7% in May, around multi-decade highs

Core personal consumption expenditures prices, excluding food and energy, rose 4.7% from a year ago, slightly less than expected.

Headline inflation remained strong, rising 0.6% on the month and holding near the highest level since 1982.

Disposable income and inflation-adjusted spending both declined on the month.

Weekly jobless claims totaled 231,000, a slight decline from the previous period.