Consumer prices declined on a month-to-month basis in June while annual inflation continued to moderate, according to the Joint Economic Committee’s latest Monthly Inflation Update.
The report found that the Consumer Price Index for All Urban Consumers (CPI-U), the government’s primary measure of inflation, fell 0.42% from May to June. On an annual basis, consumer prices were 3.53% higher than in June 2025, down from the 4.25% year-over-year inflation rate recorded in May.
Core inflation, which excludes the more volatile food and energy categories, also eased. Core CPI declined 0.02% during June and increased 2.59% over the past 12 months, marking a slowdown from the previous month’s annual rate of 2.85%.
Energy prices were a major factor in the monthly decline. The energy index fell 5.71% in June after increasing 3.88% in May. Despite the monthly decrease, energy prices remained 15.70% higher than a year ago.
Food prices continued to rise modestly, increasing 0.21% during the month and 3.01% over the past year.
Inflation continued to vary across the country. The Northeast recorded the highest annual headline inflation rate at 4.3%, followed by the Midwest at 3.8%. The South and West each posted annual inflation rates of 3.2%
The June report also showed that workers experienced modest gains in purchasing power as inflation-adjusted wages increased. Real average weekly earnings for all private-sector employees rose 0.77% from May, while real average hourly earnings increased 0.80%.
For production and nonsupervisory employees, real average weekly earnings increased 0.55% and real average hourly earnings rose 0.81%.
The Joint Economic Committee noted that “real” earnings reflect wages after adjusting for inflation making them a better indicator of workers’ purchasing power. Weekly earnings are considered a more comprehensive measure of income because they account for changes in both hourly pay and hours worked.
The report also showed inflation came in below expectations. According to forecasts from the Cleveland Federal Reserve, economists had projected monthly headline inflation of a 0.06% decline and annual inflation of 3.92%. Instead, headline CPI fell 0.42% in June and the annual rate registered 3.53%, indicating inflation cooled more than anticipated.
Compared with June 2025, annual inflation remained elevated but continued its gradual moderation. Headline inflation stood at 3.53%, food inflation at 3.01%, core inflation at 2.59%, and energy prices remained the fastest-growing component, rising 15.70% over the past year despite their sharp monthly decline.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
The Joint Economic Committee (JEC) released its July 2026 Monthly Debt Update, reporting that the total gross national debt reached $39.38 trillion as of July 3, 2026.
Debt held by the public totaled $31.68 trillion, while intergovernmental debt stood at $7.71 trillion.
According to the JEC, the nation’s debt has risen by $2.81 trillion over the past year and by $10.90 trillion over the past five years.
During the previous 12 months, the debt increased at an average pace of $7.71 billion per day, $321.15 million per hour, $5.35 million per minute, or $89,208.39 per second.
The annual increase equates to $8,204.76 per person and $20,814.36 per household, while total gross national debt now amounts to $115,188 per person and $292,217 per household.
Based on the average daily growth rate observed during the past three years, the United States is projected to surpass $40 trillion in gross national debt around October 2026. At the current pace, each additional trillion dollars of debt would accumulate in approximately 155 days.
The report also highlights the growing cost of servicing the federal debt. As of June 2026, the average interest rate on the total marketable national debt was 3.411% up from 3.375% one year earlier and 1.472% five years ago.
Over the past 12 months, the federal government paid $294.32 billion in interest to trust funds, averaging $24.53 billion per month.
According to projections from the Congressional Budget Office, net interest payments will account for 13.95% of federal outlays in FY26 rising to 14.25% in FY27, and 14.94% in FY28.
Treasury securities remain the primary component of publicly held debt. Of the $31.68 trillion in public debt outstanding, $16.06 trillion is held in notes, $6.69 trillion in bills, $5.45 trillion in bonds, and $3.49 trillion in other securities.
Treasury demands remain robust, with June 2026 bid-to-cover ratios of 2.72 for four-week bills, 2.40 for 10-year notes, and 2.30 for 30-year bonds.
Approximately 33% of publicly held marketable debt is scheduled to mature within the next 12 months, while the average maturity of marketable debt stood at 70 months as of March 2026.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
The Joint Economic Committee’s latest analysis of federal trade data shows the U.S. trade deficit widened in May, reaching $77.58 billion — the largest monthly gap since March 2025.
The deficit increased by $23.02 billion from April and stood 28% above its 12-month average as exports declined and imports climbed.
Goods trade accounted for the bulk of the imbalance, with the goods deficit rising to $106.48 billion, up $23.57 billion from April, while the nation’s services surplus increased modestly to $28.90 billion, up $557 million from April.
Total exports fell to $317.68 billion in May, led by a decline in goods shipments of $11.29 billion, whereas imports rose to $395.26 billion as purchases of both goods and services increased by $12.50 billion.
Over the twelve months ending in May 2026, the United States recorded a cumulative trade deficit of $728.02 billion. Goods trade posted a $1.06 trillion deficit, partially offset by a $336.00 billion surplus in services. During that period, exports totaled $3.59 trillion and imports reached $4.32 trillion.
The nations largest goods trade deficits were with Vietnam ($203.85 billion), Mexico ($199.18 billion), and Taiwan ($194.38 billion), while its largest surpluses were with the Netherlands ($75.57 billion), the United Kingdom ($44.48 billion), and Hong Kong ($41.23 billion).
Civilian aircraft and related equipment, non monetary gold, and pharmaceutical preparations led the U.S. exports by value, accounting for 17.54% of all exported goods in the past 12 months. Whole computers, pharmaceuticals preparations, and computer accessories were the top imports accounting for 19.83%.
Mexico and Canada remained the country’s leading trading partners on both the export and import sides, joined by the United Kingdom among export destinations and China among import sources.
Major gateways for trade activity from May 2025 to May 2026 included the port districts of New York City ($273.88 billion), Houston-Galveston ($266.35 billion), and Laredo ($169.20 billion) for exports.
Over the same period Los Angeles ($379.22 billion), Chicago ($331.73 billion), and Laredo ($328.22 billion) were the port districts with the highest imports.
The United States collected $296.97 billion in import duties over the past year with $21.03 billion in May 2026. Passenger cars, vehicle parts, and electric apparatus generated the greatest duty revenue.
China accounted for the largest share of those duties, followed by Vietnam and Mexico accounting for around 46% of all applied duty rates.
Currency movements also shaped trade conditions. Between May 2025 and May 2026, the U.S. dollar weakened against the Chinese yuan by 6%, the euro by 2.1%, and the Mexican peso by 9.8%, while strengthening against the British pound by 0.5% and Japanese yen by 11.5%.
Exports prices rose 11.21% year-over-year, while import prices increased 4.61%, with fuel imports experiencing particularly sharp inflation at 35.89%.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
One year after President Donald Trump signed the Working Families Tax Cut Bill into law, U.S. Rep. Andy Biggs (R-AZ05) defended the legislation as a cornerstone of the nation’s economic recovery, arguing it prevented what he described as a massive tax increase while expanding tax relief for families, workers, and small businesses.
In an exclusive interview with AZ Free News earlier this week, Biggs, who is also running for Arizona Governor, said the legislation’s most immediate accomplishment was preserving tax relief that otherwise would have expired.
“I think what you’re seeing is, the biggest success, is you stopped a $4 trillion tax increase,” Biggs said. “That would have been economically really, really bad for the country—maybe the death knell.”
Biggs said extending the 20 percent deduction for qualifying small businesses and preserving immediate business expensing provisions were among the bill’s most significant accomplishments. He also pointed to Treasury Department estimates indicating many families could see larger tax savings.
“According to the Treasury Department, the average family is going to see somewhere north of $2,000,” Biggs said, adding that other estimates range between $1,500 and $2,000. “That provides money to the economy and stimulus to the economy and helps the working men and women of this country.”
The congressman said some provisions are only beginning to show their long-term effects, particularly expanded domestic energy and natural resource development.
“I think people are getting… that a lot more federal land is being opened up for oil, gas, coal, minerals, whatever those natural resources are,” Biggs said. “Years from now, looking back, people will say, ‘Man, that really was one of the most critical things that could have happened for us.'”
Biggs also cited provisions eliminating federal taxes on tips, reducing taxes on overtime income, and providing tax relief for seniors receiving Social Security benefits as measures designed to increase disposable income while stimulating economic activity.
Critics of the legislation, such as Arizona Senate Minority Leader Priya Sundareshan (D-LD18), have argued it disproportionately benefits higher-income Americans and could increase the federal deficit, as reported by The Center Square. Biggs rejected both claims.
“The problem that we have is not a revenue problem in Washington, D.C.,” Biggs said. “It is a spending problem.”
He argued that economic growth generated by lower taxes ultimately produces additional federal revenue.
“What you do get is more economic activity,” Biggs said. “More taxes ultimately get paid and go into the federal government.”
Looking ahead, Biggs said a future Republican Congress should consider additional tax reductions for businesses while encouraging domestic manufacturing and development of critical mineral resources.
“If you want to stimulate jobs,” he said, “you’d find a way to reduce some of the corporate tax policy… and pass those along to sole proprietors and small firms as well.”
Although Biggs described the legislation as comprehensive, he said one area he wished Congress had addressed more aggressively was healthcare policy.
“One thing that we didn’t take care of, in my opinion… is we did nothing really on healthcare costs in the One Big Beautiful Bill,” Biggs said.
He said he had introduced legislation to expand Health Savings Accounts and increase their portability, adding that Rep. Eric Burlison of Missouri had proposed similar but broader reforms.
“I would have liked to see us do more on tax policy related directly to healthcare as well,” Biggs said.
Speaking with KTAR’s Mike Broomhead Monday, Biggs also discussed fraud in Medicaid and the Indian Health Services program. In a post to X sharing a clip he wrote, “When we root this waste out, we’ll get taxpayer dollars back in the pockets of Arizonans so families and businesses can thrive.”
There’s still billions of fraud in Arizona, especially in Medicaid and our Indian Health Services program.
When we root this waste out, we’ll get taxpayer dollars back in the pockets of Arizonans so families and businesses can thrive.
Looking ahead to a possible Biggs administration, he said future state tax policy should continue focusing on healthcare affordability and higher education while complementing the broader economic approach established by the federal legislation.
“The affordability of housing” remains Arizona’s largest economic challenge, Biggs said, arguing that utility costs, water policy, and management of state trust lands all play significant roles in addressing long-term affordability.
Biggs, who declined to seek another term in Congress to run for Governor, said Arizona has already incorporated many of the federal tax provisions into state law, though he criticized Gov. Katie Hobbs for initially vetoing related legislation before later signing it.
As we celebrate America’s 250th birthday, one of the finest blessings our Founders gave our nation stands out with particular clarity: the system of free enterprise. That system did not merely enable liberty and prosperity in the abstract.
It unleashed the human ingenuity, risk-taking, and capital allocation that turned America into the world’s unrivaled energy superpower.
From the coal age that fueled the Industrial Revolution, through the oil age that powered the 20th century, to the LNG age we now dominate, American free enterprise has repeatedly delivered technological leadership and abundance. No central planner designed these revolutions.
Entrepreneurs, engineers, and investors did, operating in a system that rewards results above political connections.
Today that legacy is unmistakable. The United States leads the world by a wide margin in the production of both oil and natural gas. We have also become the world’s largest exporter of liquefied natural gas, shipping reliable energy to allies across Europe and Asia who once relied on less friendly suppliers.
While some critics like to call this an accident of geology, they’re wrong. America’s LNG dominance is the direct result of the shale revolution, advanced drilling techniques, and a policy environment that, when properly structured, lets markets work.
America once held a similar commanding position in nuclear power. We built the world’s first commercial reactor and led in reactor technology for decades. Then came the 1979 Three Mile Island incident. Irrational fears, amplified by media and activists, led to a bureaucratic paralysis in the Nuclear Regulatory Commission which stalled new construction for two generations. Promising projects died in paperwork as existing plants faced endless regulatory hurdles. America fell behind while other nations pressed forward.
Today, that era is ending. The Trump administration is delivering a major push to revitalize America’s nuclear power industry. Energy Secretary Chris Wright and Interior Secretary Doug Burgum have announced major project milestones in recent weeks, including new loan programs to support large-scale reactors and breakthroughs on advanced designs such as microreactors that have already achieved criticality.
These steps signal a return to regulatory sanity and a recognition that abundant, reliable, carbon-free baseload power is essential for both economic growth and national security.
Wind and solar have also established a robust presence on every major U.S. regional grid. These intermittent sources now deliver meaningful power to homes and businesses when the weather cooperates. American companies and workers have built real expertise and infrastructure in these sectors. Yet the United States remains far behind China in manufacturing scale and deployment speed, and subservient to the Chinese Communist Party for the raw materials that make them work.
As Secretary Wright posted on X this week, the massive Biden-era subsidies that distorted markets and enriched foreign supply chains begin phasing out this month. That transition will test the true competitiveness of these technologies without artificial support. Their future contribution will depend on genuine cost reductions and technological improvement, not ever-rising subsidies from taxpayers and ratepayers.
America’s dominant position across fossil fuels, its returning strength in nuclear power, and its established role in renewables together form an unmatched energy portfolio. This abundance has been no small factor in making the United States the world’s dominant geopolitical power. Reliable, affordable energy underpins manufacturing resurgence, data-center growth, and an enduring military edge that deters adversaries. It keeps our economy the envy of the world, with lower energy costs than most competitors and the flexibility to adapt to new demands.
Most importantly, energy dominance sustains the God-endowed freedoms our Founders secured. Cheap, reliable power frees families from energy poverty. It powers the innovations that improve daily life. It supports the industries that create the jobs and wealth that let individuals and communities flourish according to their own lights rather than government dictates.
On this 250th anniversary, we should give thanks not only for the Declaration of Independence and the visionaries who created it, but for the practical system of ordered liberty that turned a resource-rich continent into the engine of global progress.
Free enterprise did not merely discover America’s energy wealth. It developed it, refined it, and continues to expand it. That is a blessing worth celebrating not just this weekend, but every day.
David Blackmon is a contributor to The Daily Caller News Foundation, an energy writer, and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
