A White House economist said gas prices in Florida have gone down by almost $1.99, and Florida has a relatively low unemployment rate of just 2.8%.
Heather Boushey, the president of the White House Council of Economic Advisors, said these are some of the indicators that keep her optimistic about the state of the economy.
“We knew that June’s inflation was relatively high. We also know that there are some really important economic conditions that have changed since June,” Boushey said.
The Federal Reserve reported Friday that a key inflation gauge increased by 6.8% in June. It was the highest increase in four decades.
Is the economy currently in a recession?
The gross domestic product report showed the economy shrank at an annual rate of 0.9%.
Employees’ wages increased by 1.6% during the April-June quarter and consumer spending increased by 0.1% from May to June.
The Federal Reserve raised rates by three-quarters of a point on Wednesday to help fight inflation.
As traders work and watch, a news conference held by Federal Reserve Chair Jerome Powell is displayed at the New York Stock Exchange in New York, Wednesday, July 27, 2022. (AP Photo/Seth Wenig) (Seth Wenig/)
Biden’s administration also has high hopes for the “Inflation Reduction Act of 2022,” which includes reductions in drug pricing.
And although economists have not agreed that the U.S. is in a recession, the Republican National Committee declared Americans are experiencing “Biden’s Recession.”
Torres contributed to this report from Miami.
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Heather Boushey, the president of the White House Council of Economic Advisors, said these are some of the indicators that keep her optimistic about the state of the economy.
“We knew that June’s inflation was relatively high. We also know that there are some really important economic conditions that have changed since June,” Boushey said.
The Federal Reserve reported Friday that a key inflation gauge increased by 6.8% in June. It was the highest increase in four decades.
Is the economy currently in a recession?
The gross domestic product report showed the economy shrank at an annual rate of 0.9%.
Employees’ wages increased by 1.6% during the April-June quarter and consumer spending increased by 0.1% from May to June.
The Federal Reserve raised rates by three-quarters of a point on Wednesday to help fight inflation.
As traders work and watch, a news conference held by Federal Reserve Chair Jerome Powell is displayed at the New York Stock Exchange in New York, Wednesday, July 27, 2022. (AP Photo/Seth Wenig) (Seth Wenig/)
Biden’s administration also has high hopes for the “Inflation Reduction Act of 2022,” which includes reductions in drug pricing.
And although economists have not agreed that the U.S. is in a recession, the Republican National Committee declared Americans are experiencing “Biden’s Recession.”
Torres contributed to this report from Miami.
Continue reading...