{"id":2197389,"date":"2024-03-12T12:26:15","date_gmt":"2024-03-12T16:26:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/labor-report-shows-inflation-isnt-going-away\/"},"modified":"2024-03-12T12:33:27","modified_gmt":"2024-03-12T16:33:27","slug":"labor-report-shows-inflation-isnt-going-away","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/labor-report-shows-inflation-isnt-going-away\/","title":{"rendered":"Labor report indicates persistent inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Flabor-report-shows-inflation-isnt-going-away%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2197389&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><section id=\"article\">\n<article data-post-title=\"Labor Report Shows Inflation Isn't Going Away\" data-post-slug=\"http:\/\/transcripts-of-hur-interview-confirm-bidens-memory-lapses-with-special-counsel\" data-post-url id=\"print-1867815\">\n<div>\n<figure><figcaption>\n<p>          Chairman of the Federal Reserve nominee Jerome Powell \/\u200c Getty\u200c Images<br \/>\n        <\/figcaption><\/figure>\n<\/p><\/div>\n<div>\n<h2>Labor Report Shows \u2064Inflation Isn&#8217;t Going Away<\/h2>\n<p>Prices \u200brose again last\u200c month, according to a\u2062 Tuesday report from the Bureau of Labor Statistics, the \u2062latest sign that inflation\u200c remains a persistent issue as President Joe Biden seeks reelection.<\/p>\n<p>The \u200dConsumer Price Index for all items\u2062 increased 0.4 percent from January to February, more than the previous month&#8217;s rise of\u2064 0.3\u200c percent, the \u200dbureau <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">said<\/a>. Year over year, prices were up 3.2 percent before seasonal adjustment, which was also \u200bgreater than January&#8217;s increase of 3.1 percent.<\/p>\n<p>Removing\u2062 more volatile food and gas prices to get \u200c&#8221;core&#8221; inflation, costs \u2064rose 0.4 percent for the month and \u20633.8 percent for the year. Both of those\u200b numbers were higher than economists&#8217; projected totals of 0.3 percent and\u200b 3.7 percent, <a href=\"https:\/\/finance.yahoo.com\/news\/consumer-prices-rise-more-than-forecast-as-inflation-pressures-persist-123226166.html\">according<\/a> to <em>Yahoo Finance<\/em>.<\/p>\n<p>Tuesday&#8217;s report makes it \u2064less clear that \u2063inflation is falling\u200b to \u2063the \u2062Federal Reserve&#8217;s \u200dtarget of 2 percent annually. Chair Jerome Powell has said he\u200c hopes to cut rates in 2024, and\u200d some projections indicated that the \u2063central bank would do so \u200cthis month. That \u200bforecast\u2064 has tempered, however, with the\u200d Federal Reserve now\u200d expected to cut rates in June.<\/p>\n<p>Economists told <em>Yahoo Finance<\/em> and the \u2062 <a href=\"https:\/\/apnews.com\/article\/inflation-prices-rates-economy-biden-federal-reserve-4ac316b6a435ef44c370ce7686da67c0\">Associated Press<\/a> \u2062that, while Thursday&#8217;s report is not ideal, there is underlying \u200cevidence that the economy is\u2063 still healthy.<\/p>\n<p>In the \u200dmonths leading\u2062 up to February, inflation was\u2062 higher than expected in\u200c both <a href=\"https:\/\/finance.yahoo.com\/news\/inflation-consumer-prices-rise-31-in-january-defying-forecasts-for-a-faster-slowdown-133334607.html\">January<\/a> and <a href=\"https:\/\/freebeacon.com\/latest-news\/inflation-spikes-in-latest-economic-report\/\">December<\/a>\u2014though the\u200b government later <a href=\"https:\/\/www.cnbc.com\/2024\/02\/09\/-inflation-in-december-was-even-lower-than-first-reported-the-government-says.html\">revised<\/a> the December\u200d numbers, making them\u2063 lower than first reported.<\/p>\n<h3>Record Inflation \u2062Impacts Biden&#8217;s Approval Ratings<\/h3>\n<p>Biden has seen his approval ratings suffer in\u200b the wake of record inflation, which peaked at 9.1 percent in June 2022, during\u200b his administration. Polls have <a href=\"https:\/\/freebeacon.com\/latest-news\/white-house-touts-bidenomics-as-voters-trash-economy\/\">found<\/a> Americans are pessimistic about the economy, \u2063which they <a href=\"https:\/\/news.gallup.com\/poll\/611135\/immigration-surges-top-important-problem-list.aspx\">described<\/a> as one of the\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cnn-poll-americans-rank-bidens-open-border-among-top-problems-this-year\/\" title=\"CNN Poll: Americans Rank Biden's Open Border Among Top Problems this Year\">biggest problems facing<\/a> the country in a Gallup poll last month.<\/p>\n<p>Biden&#8217;s approval rating is \u206440 percent and his disapproval rating is 55.8 \u200bpercent, according to the RealClearPolitics <a href=\"https:\/\/www.realclearpolling.com\/polls\/approval\/joe-biden\/approval-rating\">polling average<\/a>.<\/p>\n<\/p><\/div>\n<\/article>\n<\/section>\n<p> <\/p>\n<h2> \u2063How has the latest labor report raised concerns about the persistence \u200cof inflation?<\/h2>\n<p><span>  Owell and other Fed officials have repeatedly stated that they expect the recent uptick in inflation to be temporary, resulting from\u200c temporary\u200d supply chain disruptions and pent-up consumer demand. However, the latest labor report raises concerns that inflation may not be going\u2062 away as quickly\u2064 as hoped.<\/p>\n<p>The Consumer Price Index (CPI) is a widely \u200cused measure \u2063of inflation, and it \u2063showed\u2064 a\u2062 0.4 percent increase from January to February. This is higher than the previous \u2063month&#8217;s rise of\u2062 0.3 percent, indicating that inflation\u2064 is not only persisting but also \u2064accelerating. On \u2063a year-over-year basis, prices were up 3.2 percent before seasonal adjustment,\u2062 exceeding January&#8217;s increase of 3.1 percent.<\/p>\n<p>To get a better sense of underlying inflation trends, economists often look at &#8220;core&#8221; inflation, which excludes the more volatile food and gas prices. Even when considering\u2063 core inflation, the report revealed a 0.4 percent increase for the month and a 3.8 percent increase for the year, surpassing \u200beconomists&#8217; projections of 0.3 percent and 3.7 percent, respectively.<\/p>\n<p>These higher-than-expected inflation numbers suggest that the \u200dFederal Reserve&#8217;s\u200b target of 2 percent annual\u2064 inflation may not be\u2064 easily \u200cachieved. Chair Jerome Powell and\u2063 his colleagues at \u2062the Fed have emphasized their commitment to maintaining price stability and supporting\u200b the economy&#8217;s recovery\u200d from the pandemic.\u200c They have described the recent inflationary pressures as transitory \u200cand have signaled their intention to keep interest rates low and asset purchases steady \u200duntil substantial\u2063 progress \u2063has been made \u2064toward their\u200d employment and inflation goals.<\/p>\n<p>However, the labor report&#8217;s \u200ddata \u2064on rising\u200c prices could complicate the Fed&#8217;s plans.\u2064 Persistent inflation can <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/taylor-swift-prompts-record-breaking-voter-registration-sign-ups-with-instagram-post\/\" title=\"Taylor Swift's Instagram post sparks a surge in voter registration.\">erode purchasing power<\/a>, reduce consumers&#8217; standards of \u2064living, and pose challenges to businesses&#8217; profitability. If businesses face higher\u200c costs due to inflation, they may need to increase prices, leading to a self-perpetuating cycle of rising \u2062prices and potentially stunting economic growth.<\/p>\n<p>Inflation is also \u200da critical political issue, particularly as President Joe Biden \u2062seeks\u2064 re-election. Higher\u200c prices can negatively\u2064 impact \u200bvoters&#8217; perception of the economy and \u2064their confidence in \u200cthe government&#8217;s ability to manage it. Therefore, the administration is likely to closely monitor and respond to inflationary pressures.<\/p>\n<p>As the labor report shows, inflation isn&#8217;t going away, at least\u2064 not yet. The Federal Reserve will need to carefully assess the situation\u200c and consider\u2063 whether additional measures are needed to address this potential threat to the economy&#8217;s stability. Meanwhile,\u200d businesses\u200c and consumers\u200b should be\u2062 prepared for \u200cthe possibility of continued \u200dprice increases and\u200c adjust their\u200c strategies\u200b accordingly.<\/p>\n<p>While it remains uncertain how long the current inflationary pressures \u2064will last, it is crucial to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-unexpectedly-rose-to-3-2-in-february-in-setback-for-fed-rate-cut-plans\/\" title=\"Inflation surged to 3.2% in February, hindering Fed's rate cut intentions\">closely monitor economic indicators<\/a> and \u2064policy responses. The path to a sustainable and balanced economy requires continued\u200d vigilance and adaptation to address the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-majority-of-americans-oppose-iran-prisoner-swap\/\" title=\"Poll: Most Americans Disapprove of Iran Prisoner Exchange\">complex challenges posed<\/a> by persistent inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>February, exceeding economists&#8217; expectations. This surge in prices adds pressure on Powell, who faces the challenge of balancing inflation concerns with supporting economic recovery. As Biden aims for reelection, addressing the persistent inflation issue becomes crucial for his administration&#8217;s success<\/p>\n","protected":false},"author":2112,"featured_media":2197390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2018\/01\/GettyImages-881036710.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2197389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2018\/01\/GettyImages-881036710.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2197389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2112"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2197389"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2197389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2197390"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2197389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2197389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2197389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}