Moody's Analytics chief economist Mark Zandi argued on Friday, shortly after the release of the March jobs report, that wage growth is “strong,” but inflation is “stronger,” which is “not desirable.”
– which hit a fresh 40-year high in February– has erased those would-be gains for workers.
Zandi noted that "wage growth is strong" and it was "more desirable that inflation comes back in than wage growth accelerate." The consumer price index – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – climbed 7.9% on an annual basis, according toFrom January to February, nearly every category of goods and services got pricier. Gas jumped 6.6% and accounted for almost a third of price hikes. Grocery costs jumped 1.4%, the sharpest one-month increase since 1990, other than during a pandemic-induced price surge two years ago. The cost of fruits and vegetables rose 2.
Zandi outlined "three things" must happen in order for the inflation rate to get closer to the Federal Reserve’s target of 2%, including the end of the pandemic, which has scrambled supply chains and the labor market, and is "the principal reason for the high inflation."
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NZD/USD approaches the 0.7000 mark on a dampened market moodThe New Zealand dollar climbs for the second straight trading session, despite a risk-off market mood in the financial markets, courtesy of Moscow, wh
Read more »
President Biden to mark Transgender Day of Visibility with new actionsPresident Joe Biden is commemorating Transgender Day of Visibility by celebrating prominent transgender Americans and advocating against what his administration terms 'dangerous anti-transgender legislative attacks' that have passed in statehouses across the country.
Read more »
Biden to mark Transgender Day of Visibility with new measures in support of transgender AmericansThe Biden administration is marking the International Transgender Day of Visibility on Thursday with a series of measures in support of transgender Americans as they face efforts to curb their rights across the country.
Read more »
Biden to Mark Transgender Day of Visibility With Update on Passports and MorePresident Joe Biden is commemorating Transgender Day of Visibility by celebrating prominent transgender Americans.
Read more »
Bruce Arians Left an Indelible Mark on the NFL Coaching WorldFrom his emphasis on diversity in hiring to his healthy work-life balance practices, Bruce Arians was truly one-of-a-kind in the NFL coaching ranks, writes ConorOrr
Read more »
U.S. Astronaut Mark Vande Hei Lands on Earth, Ferried by Russian SpacecraftA U.S. astronaut and two Russian cosmonauts returned to Earth Wednesday from the International Space Station, [landing in Kazakhstan on a Russian space vehicle](https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-29/card/nasa-astronaut-to-return-to-earth-on-russian-spacecraft-OC6DdK6
Read more »