Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - June core CPI rose 0.23% month-over-month, slightly below consensus expectations, with a year-over-year rate of 2.93% [1][2] - Lower hotel prices and used car prices negatively impacted the core CPI, while increases in household furnishings, recreation commodities, apparel, and auto parts prices provided a positive boost [1][2] - The Empire manufacturing index increased significantly in July, indicating stronger-than-expected growth in employment, new orders, and shipments [1][6] Summary by Relevant Sections Core CPI Analysis - The month-over-month core CPI increase of 0.23% was below the median forecast of 0.3%, while the year-over-year rate reached 2.93% [2] - Declines in lodging prices (-2.9%), used car prices (-0.7%), and new car prices (-0.3%) weighed on the core CPI [2][4] - Positive contributions came from household furnishings (+1.0%), video and audio prices (+1.1%), and medical care services (+0.6%) [4] PCE Price Index Estimation - The core PCE price index is estimated to have risen 0.29% in June, with a year-over-year rate of +2.75% [1][5] - The headline PCE price index is expected to have increased by 0.32% in June, corresponding to a year-over-year increase of 2.55% [5] Empire Manufacturing Index - The Empire manufacturing index rose by 21.5 points to 5.5 in July, surpassing consensus expectations [6] - Key components such as employment, new orders, and shipments all showed significant increases, indicating robust manufacturing activity [6]