Inflation

San Jose Mercury News: The 2024 election could determine how much we can fix problems, or whether we move backward toward increasing inequality of income, wealth, and access to education.

The labor market has continued to remain surprisingly strong, with the economy averaging 218,000 new jobs a month over the last three months.

We have been getting lower than expected inflation reports in recent months, with both the overall and core CPI coming in at 0.2 percent in June. We may see some less good news in the July report.

With the good news on growth and inflation last week, the most important item in the July jobs report will likely be the pace of wage growth.

In the last sixteen months, we have seen the fastest run-up in interest rates since Paul Volcker declared war on the 1970s inflation spiral. The Fed’s rate hikes to date have had less impact in slowing the economy and job growth than almost anyone anticipated, including the Fed itself. Nonetheless, inflation has slowed sharply by every measure, as has wage growth. We are now approaching rates of wage and price growth that are close to the Fed’s target. Given this situation, it is important that

The federal government just reached a historic deal with California, Arizona, and Nevada to provide cities, irrigation districts, and tribal governments with around $1.2 billion to temporarily use less water from the Colorado River.

NYT readers should know that anyone who has seen the cost of their food basket rise by 66.7 percent is either very atypical or badly confused about how much they used to pay for food.

Inflation has been trending downward for the last year. If this trend continues, the Fed can declare victory and focus on the employment side of its mandate.

CEPR was deeply saddened to learn about the passing of Bill Spriggs on June 6. His impact on the economics profession and economic policy will continue to be felt for many years to come. Bill dedicated his life to the passionate pursuit of racial and economic justice.