With apologies for the Axios "fast food" format, we shouldn't ignore yesterday's good news on inflation and jobs, even though *others* will:
The big picture: Consumer prices are no longer rising at a rapid pace — in some cases, costs are falling — a milestone for the economy that has been plagued by high inflation for years.
- The unemployment rate is edging up, but still at an historically low level.
- Those looking at their 401(k)s are probably pleased in recent days: the stock market is near a record high.
Why it matters: This is the economic sweet spot that Federal Reserve officials have been hoping for.
- From the standpoint of the Biden administration, the economy is performing just as they would have hoped.
- "The story for the last two years has been just how exceptional the performance of the U.S. economy has been, and that's not a secret," Fed chair Jerome Powell told Congress this week.
Catch up quick: The Consumer Price Index print yesterday was as good as an economic report can get.
- In June, the Consumer Price Index fell (yes, deflation!) for the first time since 2020.
- Some goods that have been weighing on consumer budgets in recent years — gas, some grocery items and cars — got cheaper.
This is more "real" versus "vibe" economic data, but the media's directing its feral attention elsewhere and, anyway, good news is no news in our "if it bleeds it leads" media environment. So let's take it upon ourselves to keep actively sharing what is "real" within our own social networks.
