.POTUS welcomed the news that inflation has continued easing, saying it's a sign of economic progress. 'Annual inflation is down by a third from this summer at a time when the unemployment rate remains near a 50-year low,' Biden said.
Inflation slowed to a 6% rate in the year ending in February, the Bureau of Labor Statistics reported Tuesday, a welcome sign as the Federal Reserve prepares to meet for a monetary policy meeting."Today’s report shows annual inflation is down by a third from this summer at a time when the unemployment rate remains near a 50-year low," Biden said in a prepared statement."That is the slowest annual increase since September 2021.
Inflation had been running at 6.4% the month before. Tuesday’s report marks seven straight months of declines in annual inflation after the rate peaked at 9.1% in June. Inflation was 1.4% the month Biden took office, and the Fed's target rate is 2%. "As I’ve long said, and as challenges in the banking sector remind us, there will be setbacks along the way in our transition to steady and stable growth," Biden said."But we face these challenges from a position of strength. More than 12 million jobs have been created since I took office and the share of working age adults in jobs or looking for work is the highest it has been in 15 years.
The Fed will meet next week to decide whether to raise interest rates, with some expressing concern that if it does hike rates once again, it could lead to a recession. That's an outcome Biden very much wants to avoid.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
President Joe Biden to visit San Diego Monday -SAN DIEGO (CNS) – President Joe Biden will visit San Diego Monday to meet with British Prime Minister Rishi Sunak and Australian Prime Minister Anthony Albanese to discuss the Australia-United Kingdom-United States partnership known as AUKUS, the White House announced. Biden will also participate in bilateral meetings with Sunak and Albanese. The visit will be Biden’s first to the San...
Weiterlesen »
Kal Penn set to interview President Joe Biden for The Daily ShowThe in-depth interview will air on Comedy Central during Monday night's episode
Weiterlesen »
In Monterey Park, President Joe Biden unveils executive order to curb gun violenceBlocks away from where a gunman’s rampage left 11 dead at a Monterey Park dance studio, Biden announced the order, which seeks to ensure ensure gun sellers are conducting background checks.
Weiterlesen »
Biden tells US to have confidence in banks after 2 collapsePresident Joe Biden is telling Americans that the nation’s financial systems are sound
Weiterlesen »
Biden tells US to have confidence in banks after 2 collapseGovernments in the U.S. and Britain are taking extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank. uk us siliconvalleybank
Weiterlesen »
Bitcoin Spikes Above $23.5K Following President Biden's SpeechBTC surpassed $23,500 shortly after President Joe Biden said the US banking system is safe.
Weiterlesen »