Morning Business Report: Wage growth catches up with inflation

For two years, inflation has outpaced wage growth and economic mobility has stalled for many U.S. workers. However, May’s inflation report showed that the tables could be turning. In May, prices rose by only 4%, when compared to May 2022. That’s less than expected. In comparison, average hourly wages were up 4.3%.

Meanwhile, renters are about to catch a break. Rent just had its biggest drop in three years. Redfin says the median U.S. rent saw its largest annual decline since March 2020.

Stocks popped higher after the inflation data cemented a pause on interest rate hikes. 

The maker of Pyrex glassware and Instant Pot has filed for bankruptcy. The company that was already struggling was stung by inflation as Americans began pulling back on spending.

Instant Pots, which were a must-have kitchen gadget several years ago, have been disappearing from kitchens. Sales of Instant Pots fell 50% last year. 

Disney revealed a shake-up of its movie release calendar, delaying several films in the Avatar, Marvel and Star Wars franchises. The company didn’t say why they are being delayed, but the writers strike has led to production shutdowns that could impact release deadlines.