Macro Trend · Jan–May 2026

Inflation Is Climbing, Jobs Are Holding

Five months of data show headline inflation accelerating fast, core inflation drifting up more slowly, and unemployment barely moving.

CPI Inflation, Core CPI & Unemployment — Jan to May 2026
CPI YoY %
Core CPI %
Unemployment %
5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% Jan 26 Feb 26 Mar 26 Apr 26 May 26
Source: Bureau of Labor Statistics (BLS) — CPI-U, All Urban Consumers; Unemployment U-3 rate, seasonally adjusted. Jan–May 2026.
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