R/I ~ AA
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New York (CNN Business)The Biden economy is a walking contradiction.
Consumer sentiment is at a 10-year low, tumbling in November to levels unseen even during the height of Covid-19. A staggering 70% of Americans rate the economy negatively in an ABC News-Washington Post poll.
And yet Americans are shopping up a storm, with retail sales soaring in October at the fastest pace since stimulus checks were sent out in March. Walmart, Target (TGT) and Home Depot are booming.
Hiring is strong (much stronger than the government initially thought). And workers are quitting their jobs at a record pace, in large part because they are very confident they can easily find a better job.
Something doesn’t add up. And that something has a lot to do with the nation’s first inflation scare in decades.
Gas prices are at seven-year highs. Food prices are soaring. New car prices surged in October the most since 1975.
Simply put, the cost of living is going up, and Americans aren’t happy about it. Inflation is overshadowing real bright spots in the US economy.
“The economic news is generally good. But inflation is in your face, every day. Some of the most visible prices are up and that makes it seem like the inflation problem is worse than it is,” said Gus Faucher, chief economist at PNC.
Just Think
Article URL : https://www.cnn.com/2021/11/17/economy/inflation-economy-jobs-biden/index.html