US inflation eased slightly in July, taking pressure off the Federal Reserve to hike interest rates sharply while bringing a much-needed boost to President Biden just months before the midterm elections.
A Jedi mind trick is in process to convince legislators that prescription drugs are a leading cause of inflation with a 1-2% annual prescription drug CPI increase compared to energy prices (41%), airline tickets (34%) and food (10%).
While consumers return to the supermarket, many balk at the inflation-driven prices.
The Bill Back Better bill will finally go through the Senate as the Inflation Reduction Act.
Employment made a surprise recovery to pre-pandemic levels in July, news that was welcomed by President Joe Biden ahead of key midterm elections.
Neel Kashkari of the Federal Reserve Bank of Minneapolis said Sunday on "Face the Nation" that their focus is still on skyrocketing inflation even as a recession hits.
Rep. Dean Phillips, D-Minn., has emerged as the first Democratic member of Congress to openly oppose President Joe Biden running for a second term.
The Federal Reserve’s preferred inflation index jumped by 6.8% in June, marking the highest annual gain in four decades.
Earlier this month, the Labor Department reported that the consumer price index rose 9.1% in June from the same month in 2021.
The U.S. economy declined by 0.9% in its gross domestic product (GDP) in Q2 2022, technically bringing the U.S. over the threshold of what constitutes a recession.
The Federal Reserve announced that it will be raising interest rates by 0.75 percentage points and acknowledged that its strategy appeared to be causing economic conditions to soften.
As the Federal Reserve appears ready to institute another interest rate hike on Wednesday, Senate Democrats are worried that the Fed may throw the economy into a recession.
Consumer Confidence Declines For Third Straight Month As Americans Pare Back Spending Over Inflation
Consumer confidence in the United States has fallen for the third consecutive month as Americans continue to pare back spending amid high inflation and rising interest rates.
McDonald's saw its revenue decline by 3% in the second quarter over the closure of its Russia-based restaurants amid the war in Ukraine. The company, however, saw sales rise by 9.7% despite inflationary pressures.
Treasury Secretary Janet Yellen said that a key indicator of recession may not apply to the current economic conditions.
A survey found that 20% Americans are reluctant to review their credit card statements as spending has rebounded.
A weak pair of earnings reports by Twitter and Snap showcase how social media companies are struggling to adapt to a changing market.
Initial unemployment claims in the U.S. surged to an eight-month high in a sign that the labor market may be slowing down, adding to fears that a recession may be inevitable.
Goldman Sachs’ CEO David Solomon issued a stark warning that the world is at risk of seeing global inflation becoming entrenched for years to come if pressures on global economy are not eased.
Retail spending rebounded and increased by 1% despite inflation soaring to a four-decade high in June, but it may reflect higher prices more than increased spending by households.
Prices for wholesale goods in the United States charged forward by 11.3% in June from the same time last year as inflation continues to surge back across the economy.
Inflation raced ahead again in June to hit 9.1% in the last year, breaking yet another record and leaving analysts' expectations of lower inflation in the dust.
Russia is a major global producer of fossil fuels, and worries about the inability to find oil to replace its production amid already tight supply have put significant upward pressure on global prices.
U.S. job openings shrank sharply in May by over 400,000 positions, but the overall hiring picture continues to show signs of strength.
Starbuck is offering customers a chance to get half-off on select cold drinks on the menu throughout July. The move is a bid to stay ahead of any consumer pullback over inflation at the height of summer.
The Twitter back and forth between Bezos and U.S. President Biden over inflation has been ongoing since May.
The Atlanta Fed warned that a recession is already here, as many still assert that the U.S. economy is strong.
Inflation held firm in May after a tepid retreat in April.
Analysis of voter registration data across over 40 states showed over 1 million new Republicans were registered to vote compared to about 630,000 Democrats.
Consumer sentiment in the United States sunk further as more Americans’ pessimism in the face of stubborn inflation that has driven up costs for basic goods deepens.