The most recent economic data are clear: Inflation is too high, writes James Rogan. The signs of falling inflation are almost imperceptible.
data are clear: Inflation is too high. The signs of falling inflation are almost imperceptible. The nonpartisan Congressional Budget Office says the secular growth rate of productivity in the United States is around 1.5%. But the latest and most authoritative information on wages in the U.S. comes from the Bureau of Labor Statistics, or BLS. According to the BLS, wage inflation was running at 5% as of Sept. 30.
to the CME Group, Chicago Mercantile Exchange,"jobless claims remain steady and consistent with a tight labor market." A tight labor market is not conducive to a slowing rate of wage inflation.its 2% inflation target. Though households are being squeezed by inflation outpacing hourly wages, those same households have over $1.5 trillion in excess savings. This is partly thanks to the Biden administration’s embrace of modern monetary theory.
Commentary from U.S. businesses that rely on discretionary spending says that the U.S. consumer is still spending on services. The service sector continues to experience strong job growth and elevated wage levels. Services account for 70%-80% of economic activity in the U.S. To fulfill its duty to the public of maintaining low contained inflation, the FOMC will raise interest rates by 75 basis points at its Dec. 14 meeting.
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