things, electronics, appliances. some of those prices are falling. but in services, rent, airline fares, that has a way to go. he said 2023 will be a year of significant declines in inflation, but that it will take until 2024 before we likely get back to the fed s 2% target. no indication in these comments that they have any plans to change that 2% target. what about the state of the economy? he pointed to the red-hot labor market. he said the labor market is strong because the economy is strong. guys, this is the first time we re hearing from chairman powell after that blockbuster january jobs report. it showed that the u.s. economy added more than 500,000 jobs in the month of january. the unemployment rate ticking to a fresh 50-year low of 3.4%. it was shockingly high. it shocked many economists including powell. listen to what he said about that. we didn t expect it to be this strong. i would say it kind of shows you
founding partner of this llc, mitch, let me show you screen, 8.3% inflation across august of this year to last year how booed bad things are. gas up, airline fares, food. the last time i checked we all have to eat, 16%, are we closer to the inflation sting easing? no, the problem, griff, with inflation is it tend to be very sticky and it lingers. part of that is because when it first reared its ugly head. the administration, whether it be the treasury secretary or the fed to come agree with claiming it was transitory and they weren t going to address it. it snuck up on us. and the consumer price index, they often strip out food and energy and look at the core
you foresee. well like the fleet think he s driving the dog here the jumping on: thinking down in the inflation numbers and its uneven and personal airline fares, used cars energy prices, came down and food costs right because among other things without in the white house whether doing is trying to take it average and say that the inflation is decelerated and declared victory in the fact of the matter is that the energy costs are april driver because i really drives production lessons anyways, not just at the pump it also was asked to make it chip products make them to market what really drove the energy prices down is a huge drop in chinese demand significance whatever the chinese economy due to their covid-19 shutdowns and fell if it wasn t that the energy prices would still be north of $100 a barrel maybe about 120, is impressed not be able to crow about this at all was kind of like they fell out of the sky basin are acting like
The U.S. Bureau of Labor Statistics has released its latest Consumer Price Index for the month of June. Driven mainly by increased gasoline prices, a 9.1% inflation rate has established itself as a new 40-year high, making economists' forecasts appear too optimistic.