National

Macro

Axios Macro

Another cool July inflation reading

A line chart that tracks monthly U.S. producer price inflation from July 2021 to July 2026 for overall prices and prices excluding food, energy and trade. Overall inflation peaks at 11.59% in March 2022, bottoms at 0.30% in June 2023, then rises to 4.7% in July 2026.

U.S. Producer Price Index

Data: Bureau of Labor Statistics; Chart: Neil Irwin/Axios

Gold prices are rising again

A line chart that tracks daily gold futures prices per troy ounce from Aug. 12, 2025, to Aug. 12, 2026. Prices rose from $3,399 to 4,465, hit a low of 3,358.7 on Aug. 19, 2025, and peaked at 5,366.5 on March 1, 2026, before retreating.

Gold futures

Data: Financial Modeling Prep; Chart: Emily Peck/Axios

Inflation relief's staying power is in question

A line chart that tracks monthly year-over-year CPI changes from January 2021 to July 2026 for overall inflation and core inflation, excluding food and energy. Overall CPI rose from 1.4% to 9% in June 2022, then eased to 2.3% in April 2025 before climbing to 3.4% in July 2026.

Year-over-year change in Consumer Price Index

Data: Bureau of Labor Statistics; Chart: Courtenay Brown/Axios

Inflation eased in July as Middle East conflict resumed

Why "chipflation" is here to stay

A line chart that shows the annual change in the producer price index for electronic components and accessories, measured monthly from December 1966 to June 2026. Values range from a low of minus 12.7% to a high of 27.6%. Sample points include 3.8% in December 1966, minus 4.3% in August 1996 and 27.6% in June 2026.

Annual change in Producer Price Index for electronic components and accessories

Data: U.S. Bureau of Labor Statistics via FRED; Chart: Emily Peck/Axios

How Kevin Warsh is rewiring the Fed

Summertime job market remains muggy

A column chart that shows monthly changes in U.S. nonfarm payrolls from July 2025 to July 2026. Payrolls ranged from a gain of 214,000 in March 2026 to a loss of 156,000 in February 2026. The data swings between gains and losses, ending down 23,000 in July 2026.

Change in U.S. nonfarm payrolls

Closer

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These Middle America brands are struggling in the street fight over consumers

Goldman Sachs exec makes case for giving Fed chairman some space

Beef prices continue to soar, undermining Tyson Foods

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