"Initial claims, which are a good indicator of layoff activity, jumped
in the most recent week and is now above its year-to-date average. The
4-week average appears to be settling in at around 370k, about 45k
higher than its average in 2007. Continuing claims, which are inversely
related to job creation, surged this week to its highest level in more
than 4 years. More importantly, continuing claims have been on a rising
trend for nearly 2 years, an indication that hiring has weakened."
Also, "Imported goods prices surged again in May for the third
consecutive month, in large part because energy prices continued to
soar. However, non-fuel imported
goods prices are also accelerating and contributing significantly to higher imported inflation."