A Snake Among Cros Shirt
drop in inflation or the A Snake Among Cros Shirt What’s more,I will buy this fact that most prices are well above where they were three years ago? The Fed began raising its benchmark rate in March 2022 in response to the resurgence in inflation that accompanied the economy’s recovery from the pandemic recession. By the time its hikes ended in July last year, the central bank had raised its influential rate from near zero to roughly 5.4%, the highest level since 2001. As the Fed’s rate hikes worked their way through the economy, year-over-year inflation slowed from 9.1% in June 2022, the fastest rate in four decades, to 3.4% as of last month. That marked a striking improvement but still leaves inflation above the Fed’s 2% target. The progress so far has come at surprisingly little economic cost. Employers have added a healthy 225,000 jobs a month over the past year. And unemployment has remained below 4% for 23 straight months, the longest such streak since the 1960s. The once red-hot job market has cooled somewhat, easing pressure on companies to raise pay to keep or attract employees and then pass on their higher labor costs to their customers through price hikes. It’s happened in perhaps the least painful way: Employers are generally
posting fewer job openings rather than laying off workers. That is partly because many companies are reluctant to risk losing workers after having been caught flat-footed when the A Snake Among Cros Shirt What’s more,I will buy this economy roared back from the brief but brutal 2020 pandemic recession. Another reason for the economy’s sturdiness is that consumers emerged from the pandemic in surprisingly good financial shape, partly because tens of millions of households had received government stimulus checks. As a result, many consumers have managed to keep spending even in the face of rising prices and high interest rates. Some economists have suggested that the economy will weaken in the coming months as pandemic savings are exhausted, credit card use nears its limits and higher borrowing rates curtail spending. Still, the government reported last week that consumers stepped up their spending at retailers in December, an upbeat end to the holiday shopping season. Joe Brusuelas, chief economist at the tax and consulting firm RSM, said he thinks consumer spending is even stronger than the retail sales report indicated. Brusuelas suggested that the government data “did not adequately capture” increased holiday splurging on travel and other services. More from CBS News 1 in 3 Americans have more credit card debt than emergency savings 5 helpful tips for buying a home while mortgage rates are high 4 important questions homebuyers should be asking now Will high-yield savings accounts still be worth it if rates fall? Here’s what experts say In: Economy Inflation
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