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This week’s R&D covers inflation in the U.S. economy. The Bureau of Labor Statistics (BLS) reported this week that consumer prices rose by 6.2% in October and inflation is standing at its fastest increase since 1991. Shortages of consumer goods due to supply chain issues, all of which exacerbated by the COVID-19 pandemic, are making the problem worse and are wiping out some recent wage gains made by American workers. The inflation issue is also becoming a political problem for President Joe Biden, who is seeing his approval ratings crash near the end of his first year in office.
The stock market is soaring. Company and household bottom lines look strong. Yet corporate executives across the U.S. are obsessing over inflation — and some think the White House isn’t grasping the extent of the problem.https://t.co/arDenKCvub
— POLITICO (@politico) November 10, 2021
U.S. inflation rose at the fastest pace in three decades in October. These charts show how prices increased more in some parts of the country than in others. https://t.co/yltFUkAzT7
— The Wall Street Journal (@WSJ) November 11, 2021
With the @federalreserve confronting many hard questions, from inflation to climate change, the current chair, Jerome Powell, is decidedly not the man for the moment, @JosephEStiglitz contends. https://t.co/VyQFwjTBN9 pic.twitter.com/wfMwa1pq8v
— Project Syndicate (@ProSyn) November 10, 2021
Inflation in the U.S. surged in October, dashing Washington’s hopes that price gains would slow down. Consumer prices rose 6.2% last month from a year ago. https://t.co/Iyx4yPpkiu
— NYT Politics (@nytpolitics) November 11, 2021
Consumer prices rose at a 6.2% annual rate in October, well above expectations, as inflation continued its vice grip on the U.S. economy, the Bureau of Labor Statistics reported on Wednesday.
— U.S. News & World Report (@usnews) November 10, 2021
Prices for U.S. consumers rose 6.2% in October compared with a year ago, as surging costs for food, gas, and housing leave Americans grappling with the highest inflation rate since 1990. https://t.co/DAwdadykiJ
— The Seattle Times (@seattletimes) November 10, 2021
The U.S. labor department’s recent report shows optimistic trends in unemployment rates and rising pay, which could help offset anticipated long-term inflation. Experts appear confident in the economy’s path to recovery. https://t.co/eVvSR8TX1F
— The Christian Science Monitor (@csmonitor) November 8, 2021
Former U.S. Treasury Secretary Larry Summers has sounded alarm bells over risks of runaway inflation in the U.S., saying the Federal Reserve is moving glacially in its efforts to counter the threat. https://t.co/X83SA0Rshx
— Real Time Economics (@WSJecon) October 17, 2021
“Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me,” President Biden said. “I want to reemphasize my commitment to the independence of the federal reserve to monitor inflation, and take steps necessary to combat it.” https://t.co/S7kTNamgzT
— NPR Politics (@nprpolitics) November 10, 2021
The Federal Reserve will cut billions of dollars in aid in response to new timelines that show inflation may endure into the middle of next year. https://t.co/hUpJmms8WZ
— Newsweek (@Newsweek) November 3, 2021