Economic growth was weaker than expected in the second quarter though underlying drivers were mostly solid. At the same time, inflation in June held well above the Federal Reserve’s goal and complicated the central bank’s policy path, the Commerce Department reported Thursday.
Gross domestic product, a broad measure of goods and services, increased just 1.5% for the April-through June period, according to Bureau of Economic Analysis numbers adjusted for seasonality and inflation.
Economists surveyed by Dow Jones had been looking for a growth rate of 1.8%, following the 2.1% increase in the first quarter.
A separate report showed that the personal consumption expenditures price index, which is the Federal Reserve’s primary forecasting gauge, fell a seasonally adjusted 0.1% for the month, putting the annual inflation rate at 3.7%. The readings were in line with forecasts.
Excluding food and energy, core PCE posted a monthly increase of 0.1% and an annual level of 3.3%, against respective forecasts for 0.2% and 3.3%...
We of a certain age used to hear a lot about "stagflation" starting in the 60's and 70's as a portmanteau for "high inflation, stagnant economic growth, and elevated unemployment."
Today, it's a budding new reality under the mismanagement and incompetence of the Malignant Fascist's Epstein class of grifter/ advisors. Tariffs, the Iran war of choice, and the MF's chaotic decision-making are all impacting the economy and people's pocketbooks negatively. Every day, the MF and his minions try to put lipstick on the pig of their economy, but Americans who work for a living and those on a fixed income know the reality. They know "affordability" isn't a hoax or a word Democrats made up. And now, we need them to show up in November and give the MF a dose of reality.
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