Saturday, September 25, 2021

US inflation moderates in August, Labor Department reports

WASHINGTON – US consumer price increases eased in August, the Labor Department said Tuesday in a sign that inflationary pressures may have begun to ease as the country’s economy continues to recover from the effects of the coronavirus pandemic.

Data showed prices rose by three-tenths of a percent in August compared to July, breaking an eight-month streak of rising or stagnant inflation for consumers whose spending accounts for 70% of the US economy, the world’s largest economy. Big economy.

Over the past year, US prices have risen 5.3%, a slight improvement compared to the previous 5.4% annual gain in June and July, the highest 12-month increase since 2008.

Even as the US posted mostly month-on-month price gains this year, White House economic officials and policymakers at the country’s central bank, the Federal Reserve, argued inflation would subside as the economy recovers. , especially as the consumer’s supply chain improves products to meet the demands of buyers.

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With the easing of price increases in August, inflation has a way to go before it reaches the Fed’s traditional 2% annual target.

The rise in delta-type cases of the coronavirus – 150,000 new cases per day in recent weeks – has given new uncertainty to the US economic fortunes and consumers’ willingness to spend, whether for home improvements, a new or used one. For car or holiday travel undertaken.

In a separate report, the US Census Bureau reported on Tuesday that the median household income in the US in 2020 totaled $67,500, down 2.9% from a year earlier.

Only 235,000 new jobs were added in the US in August, up from more than 2 million in June and July combined. It’s a drop that President Joe Biden blamed on the spread of the Delta version.

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US inflation moderates in August, Labor Department reports
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