Quick Overview

• The U.S. Labor Department said the CPI was up 0.4% in May and up 4.2% YoY. Excluding food and energy costs, the price index was up 0.3% in May and up 2.4% YoY.
  

• The Federal Reserves Beige Book showed continuing economic activity in all twelve districts in the past month, but four districts said that activity was slowing - Atlanta, Kansas City, Richmond, and San Francisco.
  

• The unemployment rate in the U.K. increased to 5.3%, up from 5.2%.
  

• Canada's manufacturing shipments were down 1.5% in April.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 900,000 barrels to 345.7 million barrels.
  Supplies of unleaded gasoline were up 2.8 million barrels
  Supplies of heating oil supplies were up 1.8 million barrels.
  

• The U.S. Commerce Department raised the tariff on Canadian lumber from 10.8% to 14.7%.
  

• Brazil's government will likely remove a 10% import tax on wheat in August in response to concerns the country's No. 1 supplier, Argentina, will restrict wheat exports.

• China's industrial consumption of corn will total 27.5 million tons in 2006-07, an increase of 25% YoY, said Xubo Yu, vice president of China's COFCO.

• Engine and heavy-equipment manufacturer Caterpillar Inc.’s board of directors voted to raise the company’s quarterly cash dividend 5 cents to 30 cents per share, a 20% increase, the company said .