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Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. consumer price index fell for the third straight month in May with a gauge of the index that removes volatile food and energy prices also negative for a third month in a row.

Why it matters: The reports fan worries that the coronavirus pandemic could spark deflation, further eroding U.S. growth.

  • It was the first time in the history of the series, which dates back to the 1950s, that the CPI has declined for three straight months.
  • April marked the lowest that the core CPI has ever fallen, touching -0.4%.
  • May's CPI also showed the smallest year-over-year increase since 2011, at 1.2%, and followed another historically small increase in April.

Watch this space: May's CPI was the latest government report to come with a warning. The Labor Department said it was hampered by the coronavirus pandemic, as in-store data collection has been suspended since March 16.

  • The department added that data collection last month was also impacted “by the temporary closing or limited operations of certain types of establishments,” leading to “an increase in the number of prices being considered temporarily unavailable and imputed.”
  • BLS said the same thing in its CPI report last month and noted a “misclassification error” in its highly followed jobs report released last

Go deeper: Why the Fed wants higher inflation

Go deeper

Dion Rabouin, author of Markets
Aug 24, 2020 - Economy & Business

PMI reports show V-shaped recovery in services and manufacturing

Expand chart
Data: Investing.com; Chart: Axios Visuals

Early readings of IHS Markit's manufacturing and services purchasing managers' indexes rose by more than expected in August, showing continued improvement in expectations and output among U.S. firms.

By the numbers: The manufacturing index rose by 2.7 points month over month to 53.6, continuing the series' rise from 50.9 in July.

42 mins ago - World

Netanyahu campaigns against Biden's plan to save Iran deal

Netanyahu campaigns at a gym last month. Photo: Pool/AFP via Getty

Israeli Prime Minister Benjamin Netanyahu indirectly criticized the Biden administration for its intention to return to the Iran nuclear deal and told his supporters he was prepared to "stand against the entire world" to stop it.

Why it matters: This is a major change of tune for Netanyahu, who had been careful in his statements on the Iran deal and avoided publicly criticizing President Biden. The statement was part of Netanyahu's attempt to rally his base ahead of Israel's election on March 23.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Tech: "Fludemic" model accurately maps COVID hotspotsVirtual doctor's visits and digital health tools take off.
  2. Politics: Schumer says Senate will stay through weekend to vote on COVID relief — Republican governor of West Virginia says there's no plan to lift mask mandate.
  3. World: Canada vaccine panel recommends 4 months between doses.
  4. Business: Firms develop new ways to inoculate the public.
  5. Local: Ultra-rich Florida community got vaccinations in January.