In fact, on the income side of the equation, May saw the biggest drop in government wages on record...

Finally, we note that The Fed's favorite inflation indicator - Core PCE Deflator - slowed even firther to +1.0% YoY (slightly hotter than the +0.9% YoY expected)...

Providing Powell and his pals cover to keep on pumping.

Poster Comment:

Chart looks like civil service support for staying will drop because layoffs are beginning though not as private workers.