business

U.S. inflation eases in July amid falling oil prices

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By Heather SCOTT and Julie CHABANAS

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7 Comments
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But the White House would like to emphasize "We're not in a recession", despite two consecutive quarters of negative GDP growth.

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It's a technical recession. But it's hard to imagine a real recession when half a million jobs are being created a month with unemployment at 3.8% and strong corporate earnings and investment.

It would be the weirdest recession on record.

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With energy costs dropping in recent weeks, the consumer price index dipped to an annual rate of 8.5 percent last month, the Labor Department reported, lower than markets were projecting.

Oh, good news. Way to go Joe!

Fueled by aggressive consumer spending of pandemic savings, global supply chain snarls, domestic worker shortages and Russia's war on Ukraine, inflation soared 9.1 percent on-year in June, the highest in 40 years.

Oh wait--that was bad news.

Gotta love Biden.

It's like cutting someone with a knife then the next day saying, Oh look, it's healing.

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The shame of quoting a zero monthly rise in the face of massive annual increases is typical of this hopeless admin.

Inflation will tick down in some months but the trend and rate will be positive and remain high.

The Fed can do little more on rates without destroying the economy and the Federal budget.

And they are about to pass another over 700 billion spending spree.

These people have no idea how economics works or they just can't compromise their political agenda by being more prudent.

Same all over the world. Look at here in Japan. look at the UK - they are even talking about taking energy companies into public ownership to manage soaring energy costs!!!

Something bad is coming in the economy and financial markets.

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Amusing - on one hand they pass an “Inflation Reduction Act”, and on the other hand they talk up the zero % month over month inflation reading.

Wake me up when inflation gets back to 2% on an annual basis.

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Inflation: 8.5% (not zero)

wage gains: only 5%

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Oh, good news. Way to go Joe!

Fueled by aggressive consumer spending of pandemic savings, global supply chain snarls, domestic worker shortages and Russia's war on Ukraine, inflation soared 9.1 percent on-year in June, the highest in 40 years.

The current bout of inflation is global and it is caused by events no one nation can control for their people. When China closes ports for two week stretches, the impacts are felt all around the world as shipping schedules pushed back everywhere and companies do not receive their goods. Lack of labor mobility due to pandemic restrictions cause farmers to be unable to harvest crops, leading to shortages and high prices. Lack of empty shipping containers has prevented many American farmers and manufacturers from exporting their goods. Food rots in ports when ports shut down to to Covid restrictions or containers are unavailable to move the product. And I suppose some will blame the US President for Russia's invasion of Ukraine and the disruptions that has caused.

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