Inflation at a 13-year high, gas shortages, a jobs report that missed the mark by nearly 500 percent — is there any reason to feel economic confidence in President Joe Biden’s administration?
The median price of an existing, single-family detached home in the Los Angeles area rose to $725,000 in April, an increase of $45,000 from a month ago, mirroring a spike across California that brought the state’s median price above the $800,000 benchmark for the first time, a real estate group said May 17.
The Consumer Price Index (CPI), which measures overall inflation of the U.S. dollar, rose 0.8% in April, capping off the largest 12-month jump in prices since the period ending September 2008 after the beginning of the Great Recession.
Panic-buying and fuel-hoarding after the recent outage of the Colonial Pipeline network is the cause of the US gasoline price spike, according to the chairman of Alfa Energy John Hall.
U.S. consumer prices have soared above economists’ predictions and by the most in more than a decade, as fiscal stimulus and booming demand pushed against supply constraints, potentially fueling market fears of a prolonged bout of higher inflation.
Human nature stays the same across time and space. That is why there used to be predictable political, economic, and social behavior that all countries understood.
A White House official on Sunday said the administration expects to see some “transitory inflation” as the United States emerges from the COVID-19 pandemic.
