Biden: June inflation figures "unacceptably high" but out-of-date
US inflation highest in 40 years, with no letup in sight
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I actually agree with him on that. I calculated it around 11.4%.Biden: June inflation figures "unacceptably high" but out-of-date
*democrip bot* Good thing my job said no raises and no bonuses this year. I’m really gonna be stacking paper now that I have to return to the office everyday, healthcare premiums are up and food prices have tripled.
*democrip bot*He’ll provide free transportation to the polls on Election Day. Easy repeat
He aint getting a second term regardless. He was also gonna be a 1 term pres cause even the people that voted for him, didn't really rock with him. It was just to get Trump up out.
Don't worry another little $1 billion won't raise inflation even more.I actually agree with him on that. I calculated it around 11.4%.
*democrip bot* Good thing my job said no raises and no bonuses this year. I’m really gonna be stacking paper now that I have to return to the office everyday, healthcare premiums are up and food prices have tripled.
Biden to pledge $1 billion in food security assistance on last day of Middle East tour
Biden to pledge $1 billion in food security assistance on last day of Middle East tour
President Joe Biden will announce $1 billion in aid to food security assistance in the Middle East and North Africa on Saturday at a summit attended by key leaders in
www.albanyherald.com
This type of stuff continues to prove why journalists and the mainstream media have no credibility. Biden should be questioned relentlessly on his moves but it won’t happen because the media is all about propaganda.Don't worry another little $1 billion won't raise inflation even more.
Biden to pledge $1 billion in food security assistance on last day of Middle East tour
Biden to pledge $1 billion in food security assistance on last day of Middle East tour
President Joe Biden will announce $1 billion in aid to food security assistance in the Middle East and North Africa on Saturday at a summit attended by key leaders in
Fed Chair Powell: Rates will rise until 'job is done' bringing down inflation
Federal Reserve Chairman Jerome Powell on Friday said the central bank’s job on lowering inflation is not done, suggesting that the Fed will continue to aggressively raise interest rates to cool the economy.
“We will keep at it until we are confident the job is done,” Powell said in remarks delivered at the Fed’s annual conference in Jackson Hole, Wyoming.
“While the lower inflation readings for July are welcome, a single month’s improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down,” Powell said Friday.
Inflation data on Friday morning showed prices in America rose by 6.3% on a year-over-year basis in July, a notch down from the 6.8% pace measured in June. When stripping out food and energy, the Personal Consumption Expenditures Index showed prices rising by 4.6% compared to a year ago — still well above the Fed’s target of 2%.
The central bank has delivered four consecutive interest rate hikes over the last six months, moving in June and July to raise rates by 0.75%, the Fed's largest moves since 1994. By raising borrowing costs, the Fed hopes to dampen demand by making home buying, business loans, and other types of credit more expensive.
Short-term interest rates are now in a target range between 2.25% and 2.5%, which some Fed policymakers consider to be the so-called "neutral rate," or the level rates that is neither stimulative nor restrictive to economic activity.
Powell said more rate hikes will be needed, with “another unusually large” increase still on the table for the Fed’s next meeting in September. The Fed chair reiterated that “at some point,” the Fed will move to slow the pace of its price increases.
“In current circumstances, with inflation running far above 2 percent and the labor market extremely tight, estimates of longer-run neutral are not a place to stop or pause,” Powell said Friday.
The Fed chair said central banks need to move quickly, warning historical episodes of inflation have shown that delayed reactions from central banks tend to come with steeper job losses.
“Our aim is to avoid that outcome by acting with resolve now,” Powell said.
With unemployment at a historically low 3.5% in July, Powell said the labor market remains strong but suggested that the Fed’s campaign to hike rates could restrict economic activity and lead to a “softer” labor market.
Combined with the crunch of expensive credit, Powell warned households and businesses may feel some pain as interest rates increases continue.
“These are the unfortunate costs of reducing inflation,” Powell said. “But a failure to restore price stability would mean far greater pain.”
The Fed chair’s speech is a focal point of the annual Jackson Hole conference, and tends to be a longer speech with bigger picture takeaways. But concerns about financial market interpretations of recent Fed moves were likely a factor in Powell’s decision to deliver a shorter and “more direct” speech this year.
The Fed’s next policy-setting meeting is scheduled September 20 and 21.
Brian Cheung is a reporter covering the Fed, economics, and banking for Yahoo Finance. You can follow him on Twitter @bcheungz.
Federal Reserve Chairman Jerome Powell on Friday said the central bank’s job on lowering inflation is not done, suggesting that the Fed will continue to aggressively raise interest rates to cool the economy.
“We will keep at it until we are confident the job is done,” Powell said in remarks delivered at the Fed’s annual conference in Jackson Hole, Wyoming.
“While the lower inflation readings for July are welcome, a single month’s improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down,” Powell said Friday.
Inflation data on Friday morning showed prices in America rose by 6.3% on a year-over-year basis in July, a notch down from the 6.8% pace measured in June. When stripping out food and energy, the Personal Consumption Expenditures Index showed prices rising by 4.6% compared to a year ago — still well above the Fed’s target of 2%.
The central bank has delivered four consecutive interest rate hikes over the last six months, moving in June and July to raise rates by 0.75%, the Fed's largest moves since 1994. By raising borrowing costs, the Fed hopes to dampen demand by making home buying, business loans, and other types of credit more expensive.
Short-term interest rates are now in a target range between 2.25% and 2.5%, which some Fed policymakers consider to be the so-called "neutral rate," or the level rates that is neither stimulative nor restrictive to economic activity.
Powell said more rate hikes will be needed, with “another unusually large” increase still on the table for the Fed’s next meeting in September. The Fed chair reiterated that “at some point,” the Fed will move to slow the pace of its price increases.
“In current circumstances, with inflation running far above 2 percent and the labor market extremely tight, estimates of longer-run neutral are not a place to stop or pause,” Powell said Friday.
The Fed chair said central banks need to move quickly, warning historical episodes of inflation have shown that delayed reactions from central banks tend to come with steeper job losses.
“Our aim is to avoid that outcome by acting with resolve now,” Powell said.
With unemployment at a historically low 3.5% in July, Powell said the labor market remains strong but suggested that the Fed’s campaign to hike rates could restrict economic activity and lead to a “softer” labor market.
Combined with the crunch of expensive credit, Powell warned households and businesses may feel some pain as interest rates increases continue.
“These are the unfortunate costs of reducing inflation,” Powell said. “But a failure to restore price stability would mean far greater pain.”
The Fed chair’s speech is a focal point of the annual Jackson Hole conference, and tends to be a longer speech with bigger picture takeaways. But concerns about financial market interpretations of recent Fed moves were likely a factor in Powell’s decision to deliver a shorter and “more direct” speech this year.
The Fed’s next policy-setting meeting is scheduled September 20 and 21.
Brian Cheung is a reporter covering the Fed, economics, and banking for Yahoo Finance. You can follow him on Twitter @bcheungz.
Canadian wages tick up but still lag far behind inflation
A Statistics Canada report showed Canadians’ average weekly earnings increased 3.5 per cent in June 2022 compared with the same month last year. But wages are still less than half of the inflation rate which stands at 7.6 per cent.
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.
www.bankofcanada.ca
Canada is a society that will be the last refuge for the hybrid Neanderthal man before its complete demiseCanadian wages tick up but still lag far behind inflation
A Statistics Canada report showed Canadians’ average weekly earnings increased 3.5 per cent in June 2022 compared with the same month last year. But wages are still less than half of the inflation rate which stands at 7.6 per cent.www.ctvnews.ca
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.
Truuue.
So my next question: who should we enslave and how?
The State of Gig Work in 2021
Some 16% of Americans have ever earned money from an online gig platform. While most gig platform workers say they have had a positive experience with these jobs, some report facing on-the-job troubles like being treated rudely or sexually harassed.www.pewresearch.org
I did not realize how big the industry is that just came out of nowhere, no wonder there is not enough labor. We need to bring back slavery, fuck Juneteenth until automation catches up. There are some people/groups (we have already dealt with it) I would like to auction off that could do this work, when they are done, chain them back up. Decimate their professional class and force them into doing this.
This personal use of your car, making single trips to deliver food is not going to cut it.
Yes it was.
And it was this f*cked up with Trump, Obama, Clinton, both Bushes, and wait for it…Reagan.
He is The Godfather of all this bullsh!t.
BIDEN IS WORST THAN TRUMP
THIS MAN IS PREACHINGAll those manufacturing jobs rolled right out of the country and straight TRICKLE DOWN
Canada is a society that will be the last refuge for the hybrid Neanderthal man before its complete demise
Why do you say this? Why Canada?
Jesus fucking Christ do I hate those people. Elizabeth Warren is a fucking lawyer. Is she just playing retarded or what? Does she know the Fed had a delayed reaction to inflation and continues to play soft? Didn't an intern brief her that SADLY unemployment must rise to fight inflation?
At this point, all she can do is stfu and ride this shit out. Because just last fucking winter she was blaming corporations instead of getting on Jerome's ass about doing aggressive rate hikes.
Does this batshit bitch want Powell to stop the hikes so Joe can fix the supply chain?That's not how this shit gets fixed.
The Fed says unemployment will rise. Here's who economists say would lose their jobs first.
The Federal Reserve escalated its fight against inflation this week, instituting a major rate increase and saying more will likely follow. The moves will cause a jump in the number of unemployed Americans by the end of next year, the central bank said.
The Fed has put forward a series of aggressive interest rate hikes in recent months as it tries to slash price increases by slowing the economy and choking off demand. But the approach risks tipping the United States into a recession and causing widespread joblessness.
Fed Chair Jerome Powell on Wednesday acknowledged that rate hikes would cause pain for the U.S. economy, as growth slows and unemployment rises. He added, however, that "a failure to restore price stability would mean far greater pain later on."
The job losses forecasted by the Fed this week would by the end of 2023 raise the unemployment rate from its current level of 3.7% to 4.4%. That outcome would add an estimated 1.2 million unemployed people, according to Omair Sharif, the founder of research firm Inflation Insights.
Those job losses will disproportionately fall on some of the most vulnerable workers, including minorities and less-educated employees, according to economists and studies of past downturns.
Here are the groups of workers who would most likely lose their jobs if unemployment rises:
Black and Hispanic workers
Black workers would be among the first to lose their jobs if unemployment spikes, since they're disproportionately concentrated in industries sensitive to economic downturns. Racial discrimination often influences choices made by companies about which workers to fire, economists said.
"The Fed's actions really do mean some disparate impact for Black workers in the American economy," Michelle Holder, a labor economist at John Jay College of Criminal Justice, told ABC News.
The vulnerability of Black workers in a downturn manifested during the most recent recession, in spring 2020, when the pandemic caused higher unemployment for Black workers at every education level when compared with their white counterparts, a RAND Corporation study found.
Overall, the unemployment rate for Black workers in the early period of the pandemic peaked at 16.8%, while the unemployment rate for white workers reached only 14.1%.
Between the late 1980s and mid-2000s, government employment data shows "considerable evidence" that Black workers are among the first ones fired as the economy weakens, according to an economic studypublished in 2010 in Demography, an academic journal.
"To be blunt, discrimination still occurs in the American labor market," Holder said.
Federal Reserve Board Chairman Jerome Powell hosts an event on "Fed Listens: Transitioning to the Po...
Kevin Lamarque/Reuters
A similar dynamic of disproportionate job losses impacts Hispanic workers, the economists said.
William Spriggs, the chief economist at the AFL-CIO labor union and a professor of economics at Howard University, said Hispanic workers would suffer acutely in a downturn brought about by interest rate hikes, since they're disproportionately represented in the construction industry.
When the Fed raises rates, it often leads to a spike in mortgage rates, causing prospective homebuyers to put off their purchases and builders to delay further construction. U.S. 30-year fixed-rate mortgages jumped to 6.29% on Thursday, the highest level in 14 years, according to Freddie Mac's mortgage market survey.
As of last year, Hispanic workers made up nearly a third of all construction workers, according to a National Association of Home Builders analysis of government data published in June.
"We've already seen construction work is slowing," Spriggs told ABC News. "Those construction workers get hit first."
Less-educated workers
Another group that would stand among the first to end up jobless amid a downturn is less-educated workers.
Two years ago, during the pandemic-induced recession, less-educated workers suffered far more acute job losses than their better-educated peers, according to a study published in 2021 by the Institute for New Economic Thinking.
In general, when the economy weakens, poorly educated workers endure a more negative effect on employment than their better-educated counterparts, according to a study published by the Minneapolis Federal Reserve in 2010.
In the Great Recession, the employment rate for workers with just a high school diploma fell 5.6%, while the employment rate for workers with a college degree fell less than 1%, the study found.
"Workers who tend to fare better when the economy contracts are better-educated workers," said Holder.
Young workers
Data from the two most recent recessions, in 2020 and 2007, indicates that young workers suffer disproportionately when the economy contracts.
During the pandemic-induced recession, young workers became jobless at a much higher rate than older workers, according to a studyreleased by the left-leaning Economic Policy Institute in 2020.
From spring 2019 to spring 2020, the overall unemployment rate among workers ages 16 to 24 rose from 8.4% to 24.4%, while unemployment for workers ages 25 and older rose from 2.8% to 11.3%, the study found.
A similar outcome followed the Great Recession. Between 2007 and 2010, workers between the ages of 16 and 24 suffered a more dramatic drop in employment than any other age group, according to a Brookings Institution analysis of government data that focused on the ratio of employed workers in a given demographic compared to its representation in the population as a whole.
The Fed says unemployment will rise. Here's who economists say would lose their jobs first.
Job losses caused by the Fed's rate hikes would fall disproportionately on vulnerable workers, economists say.
October's record of market crashes makes it most feared month on financial calendar: 'October effect' | Fox Business
The "October effect" has historically garnered fears that fall's first full month will be bad for markets, having historically seen some of the country's largest crashes.
Bank of America CEO Brian Moynihan warns to prepare for a US debt default and a recession that will drag down corporate earnings
- A US debt default is still an uncomfortable possibility, according to BofA CEO Brian Moynihan.
- "You hope it doesn't happen, but hope is not a strategy – so you prepare for it," he warned in an interview with CNN.
- BofA has been warning for months of a recession that could drag earnings and the economy down.
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Prepare for a US debt default and a recession that will drag down corporate earnings, according to Bank of America CEO Brian Moynihan.
In an interview with CNN on Monday, the head of the second-largest US bank said he hoped the government wouldn't slip into default on its debt. But it's a possibility, he warned, one which could rattle markets and the economy.
"We have to be prepared for that, not only in this country but in other countries around the world," Moynihan warned. "You hope it doesn't happen, but hope is not a strategy – so you prepare for it."
That ominous warning comes shortly after the US hit its $31.4 trillion borrowing limit in January, which prompted the US Treasury to implement "extraordinary measures" to prevent the nation from defaulting on its debts. The measures will last until June, leaving Congress with little over four months to either raise the debt ceiling or risk a financial meltdown and epic stock market crash, experts say.
But talks to over the government's budget are making little progress, with Republicans and Democrats sparring over possible spending cuts if the US is to raise the debt ceiling.
Moynihan noted the US has needed to borrow more in recent years due to extraordinary circumstances, like the COVID-19 crisis, but he shot down suggestions made by other commentators that the US government should scrap the debt ceiling completely.
"[T]here's got to be an argument about how we make sure we live within our means as a country," the executive said in the interview.
Moynihan added that Bank of America is still expecting a mild recession to hit the economy, as inflation and high interest rates are still a huge concern. Central bankers have raised rates 450 basis-points to lower high prices, but rates that high could drag on corporate earnings and send the economy into a downturn, Bank of America previously warned.
Strategists predicted that a recession could send the S&P 500 falling 24% in the early half of this year. That's similar to estimates from Morgan Stanley, which predicted an earnings recession could send stocks 20% lower.
Bank of America CEO Brian Moynihan warns to prepare for a US debt default and a recession that will drag down corporate earnings
"You hope it doesn't happen, but hope is not a strategy – so you prepare for it," Moynihan told CNN in an interview on Monday.
markets.businessinsider.com
Cities Where Inflation is Rising The Most
| Overall Rank | MSA | Total Score | Consumer Price Index Change (Latest month vs 2 months before) | Consumer Price Index Change (Latest month vs 1 year ago) |
|---|---|---|---|---|
| 1 | Tampa-St. Petersburg-Clearwater, FL | 100.00 | 1.70% | 7.30% |
| 2 | Atlanta-Sandy Springs-Roswell, GA | 72.56 | 1.20% | 4.60% |
| 3 | Detroit-Warren-Dearborn, MI | 70.09 | 1.10% | 4.70% |
| 4 | St. Louis, MO-IL | 68.42 | 1.30% | 3.10% |
| 5 | Seattle-Tacoma-Bellevue, WA | 66.68 | 1.00% | 4.60% |
| 6 | San Diego-Carlsbad, CA | 66.57 | 0.90% | 5.20% |
| 7 | Denver-Aurora-Lakewood, CO | 63.15 | 0.80% | 5.10% |
| 8 | Miami-Fort Lauderdale-West Palm Beach, FL | 62.82 | 0.50% | 6.90% |
| 9 | Dallas-Fort Worth-Arlington, TX | 61.27 | 0.80% | 4.70% |
| 10 | Riverside-San Bernardino-Ontario, CA | 57.49 | 0.80% | 3.90% |
| 11 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 56.66 | 0.90% | 3.10% |
| 12 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 50.78 | 0.70% | 3.10% |
| 13 | New York-Newark-Jersey City, NY-NJ-PA | 47.95 | 0.70% | 2.50% |
| 14 | Los Angeles-Long Beach-Anaheim, CA | 45.01 | 0.60% | 2.50% |
| 15 | San Francisco-Oakland-Hayward, CA | 43.95 | 0.50% | 2.90% |
| 16 | Phoenix-Mesa-Scottsdale, AZ | 42.20 | 0.20% | 4.40% |
| 17 | Houston-The Woodlands-Sugar Land, TX | 38.29 | 0.50% | 1.70% |
| 18 | Chicago-Naperville-Elgin, IL-IN-WI | 37.24 | 0.40% | 2.10% |
| 19 | Minneapolis-St.Paul-Bloomington, MN-WI | 35.82 | 0.40% | 1.80% |
| 20 | Baltimore-Columbia-Towson, MD | 34.66 | 0.20% | 2.80% |
| 21 | Urban Honolulu, HI | 33.82 | 0.30% | 2.00% |
| 22 | Boston-Cambridge-Newton, MA-NH | 32.55 | 0.00% | 3.60% |
| 23 | Anchorage, AK | 11.77 | 0.40% | -3.30% |
@Politic Negro surprised that Atlanta area is number 2. Seems like prices have SOMEWHAT stabilized and in some cases retreated in the last couple months to me.
Depends on where you shop though.
Depends on where you shop though.
@850credit It is slowing down overall though.
It would be interesting what sectors jumped and what is going down.
My problem with inflation numbers is the government that count food and gas prices in those numbers. The things we need most. That makes no sense to me..
Inflation really aint nothing to worry about, its the fact that we been dumbed down through our
indoctrination ahem I mean education system, that we dont know how to pimp inflation in our favor,
Im finding out now, the irs, the treasury dept are NOT the enemies, they have been taken over
by the powers that shouldnt be, to make us THINK they are the enemies.....
this is a debt based system and it is set up to make life easy for the average American.....
since there is NO money... we been indoctrinated to work in our one worst interest...
the irs and treasury dept are NOT the enemies, banks are..
but we can discuss that in another thread..
If I'm reading this right, you want to separate inflation numbers with just discretionary spending items?