Wednesday☕️

Jun 14, 2023 • 4 min read

Trending:

Markets:

U.S. Inflation:

The US Bureau of Labor Statistics reported a 4% increase in the Consumer Price Index (CPI) in May. The CPI is a measure that examines the weighted average of prices of a basket of consumer goods and services to determine inflation.
May's Consumer Price Index (CPI) stands at 4%, which is significantly lower compared to the same period last year when it was at 8.58%. The decrease from 4.9% in April and lower than economists' prediction of 4.1% suggests a continued easing of inflation.
When volatile factors such as fuel and energy prices are excluded, the core inflation is 5.3%. The Federal Reserve's long-term inflation target is 2%.

Trump Charges:

Donald Trump has entered a "not guilty" plea to 37 charges associated with alleged mishandling of classified documents. The charges break down into 31 counts for supposedly retaining classified documents and six additional counts pertaining to actions allegedly taken to conceal those documents.
Trump's aide, Walt Nauta, is implicated in six of these charges. The Justice Department claims that despite being aware of possessing classified documents, Trump decided not to surrender them, and it is alleged that Nauta assisted Trump in avoiding the authorities.
Trump made his plea in federal court on Tuesday, while Nauta has yet to enter a plea. The date for Trump's criminal trial is yet to be determined.

NYC Food Delivery Wages:

New York City has introduced a minimum wage for delivery app workers, marking the first instance in the United States.
Currently, there are approximately 65,000 food delivery workers in the city earning an average of $7.09 per hour before tips, a figure significantly lower than the city's general minimum wage of $15.
Additionally, these workers typically do not receive benefits such as health insurance or injury compensation. The city's mayor announced on Sunday that the new minimum wage for delivery workers will begin at $17.96 per hour, not including tips, and will be increased to $19.96 per hour by 2025.
Responses to the new law have been varied. Labor organizations have praised the legislation, calling it a "historic win" that will help elevate worker wages. Conversely, delivery app companies predict that the increased labor expenses will likely result in higher costs for consumers.

Statistic: