Inflation news
Millions of jobs that new immigrants have been filling in the United States appear to solve a riddle that has confounded economists for at least a year
Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items
But now, with the U.S. economy showing surprising vigor, a different question has arisen: Will the central bank really cut rates three times this year, as the Fed itself has predicted — or even cut at all?
America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates
Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation.
The economy looks set to grow 2.2% this year after adjusting for inflation, according to the National Association for Business Economics. It’s the latest signal of strength for an economy that’s blasted through predictions of a recession.
The Aurora Area Interfaith Food Pantry will be setting up a pop-up food give away for families in the Crest Hill City Hall parking lot on March 2.
Tuesday’s report from the Labor Department showed that the consumer price index rose 0.3% from December to January, up from a 0.2% increase the previous month. Compared with a year ago, prices are up 3.1%.
Friday’s report from the Labor Department showed that last month’s job gain topped the 333,000 that were added in December, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7%, just above a half-century low.
Stocks are near record highs. Growth was surprisingly strong last year. And once-hot inflation has begun to cool. But so far, U.S. adults are feeling only slightly better about the economy.
The Federal Reserve indicated it’s nearing a long-awaited shift toward cutting interest rates, a sign that its officials have grown confident that they’re close to fully taming inflation
The latest data suggests that the economy is achieving a difficult “soft landing,” in which inflation falls back to the Fed’s target without a recession. That outcome could make it easier for the Fed to consider cutting its key interest rate.
There are solid reasons for optimism that inflationary pressure will continue to recede in the coming months.
The S&P 500 closed out 2023 with a gain of more than 24% and the Dow finished near a record high, as easing inflation, a resilient economy and the prospect of lower interest rates buoyed investors, particularly in the last two months of the year
Wages are also growing at a slower but still-healthy pace. In November, average hourly pay rose 4 percent from 12 months earlier.