Good morning. Dick’s Sporting Goods lost a quarter of its value yesterday when it cut its outlook, saying theft is up and unpopular inventory had to be pushed out the door (in a better world, these two trends would cancel each other out, but not in our world). The economy is not strong everywhere. Email us: robert.armstrong@ft.com and ethan.wu@ft.com.

Inflation and unionisationThe strongest way to make the case that inflation will keep falling is by working from the bottom up — that is, by looking at each component of the price index, and then drawing conclusions about the index overall. Start with shelter. Private market data suggests rental inflation should fall a lot. Next, used vehicle prices have gone nuts but are now turning over. And outside of these two categories, inflation looks tame. Here’s that argument in one picture:

(If you want all the gory details, Skanda Amarnath at Employ America had a nice post earlier this month.)