The U.S. Economy this week: The worst seems to be over

U.S. Retail Sales strongly increased by 17.7 percent in May (after a dramatic contraction in March and April). Industrial production also seems to be recovering. The worst seems to be over (hopefully, there will be no big second wave of the pandemic). The recovery can be expected to continue, but the pace will be lower.

Here is the report for retails sales

And the report on industrial production.

Initial unemployment claims slightly decreased to around 1.5 millions in the week ending June 13 (a decrease of 58,000 compared with the week earlier).

Jerome Powell presented the semiannual monetary policy report to the Congress. He warned that there is still significant uncertainty surrounding the recovery of the U.S. economy:

Albert Cavallo from the Harvard Business School argues the actual inflation rate is currently somewhat higher than the official Consumer Price Index (CPI):

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