In today's news: Prices are rising, builders' confidence is dropping, oil prices are plunging, pickup truck sales are down, and Congress is talking mobile privacy.
ECONOMY: Consumer prices in U.S. rose in May
The cost of living rose more in May than experts predicted. “The consumer-price index increased 0.2 percent last month and was up 3.6 percent from May 2010, the biggest year-over-year advance since October 2008,” Bloomberg reports.
Homebuilders aren’t having a good summer so far. “An index that measures builders’ sentiment for their industry fell three points in June to 13,” MSNBC reports. “Any reading below 50 indicates negative sentiment about the market.”
Oil prices are down to less than $95 a barrel. “Oil prices plunged more than 4 percent Wednesday to their lowest level in nearly four months,” CNN reports. “Oil has been in somewhat steady decline for weeks now after hitting more than $110 a barrel earlier this year.”
With gas prices still high, it’s no surprise that pickup sales aren’t picking up. “In May, pickup sales were 12.7 percent lower,” USA Today reports. “Still, most analysts say they believe the pickup slowdown is a bump and expect sales to improve by late summer.”
With privacy a growing concern on mobile phones, Congress is getting involved. “Two senators proposed a mobile privacy bill on Wednesday, in response to a furor over the news that Apple and Google devices can track and store users’ location information,” CNN reports.