President Joe Biden received further negative news Wednesday about the economic environment in the U.S. under his leadership as newly released numbers show that the economy is overheating and inflation is growing at an even higher rate than anticipated.
“Inflation accelerated at its fastest pace in more than 12 years for April as the U.S. economic recovery kicked into gear and energy prices jumped higher,” CNBC reported. “The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, against the expected 0.2%.”
News of last week’s abysmal job numbers was made even worse when the job numbers from March, which originally saw an estimated gain of 916,000 new jobs, had been revised down to 770,000 jobs, “meaning that the net number of people employed over the past month, relative to what was known just hours ago, was a mere 120,000,” Bloomberg News reported.