$FB Alternative Data
$FB Instagram CPMs (cost per thousand impressions) continue to improve. In May 2022, they equaled $10.92 CPM, which is higher than last year's $9.82 and the year prior $7.16.

Advertiser efficiency measures such as cost per engagement are lower (more efficient) than in May of the previous period. ($0.062 compared to $0.09). It is extremely encouraging to see Instagram improve its efficiency for advertisers despite the IDFA and macro headwinds.
Core Facebook’s CPMs are still well below where they were in 2021 ($11.97 compared to $15.05). While I have been bearish on US FB core, there are some significant positives.
Core Facebook’s CPE has also become much more efficient ($0.093 compared to $0.159). CPEs are often a leading indicator for CPMs and revenue. If Facebook can provide more value to advertisers, they should be able to charge higher prices.