RT.com
13 Oct 2021, 23:43 GMT+10
Consumer prices rose steadily yet again for the month of September, according to Department of Labor data, and the year-to-year increase is now the highest it's been in years.
Consumer prices rose 0.4% in September, a slightly higher increase than in August. This puts the year-to-year increase at 5.4%, which is the biggest jump since 2008.
June and July also saw jumps in inflation, mostly due to the food and energy industries that have seen massive gains in prices this year, mainly due to staffing issues, as well as supply bottlenecks created by the Covid-19 pandemic, increasing raw costs for companies.
Prices rose for groceries, gasoline (averaging its highest average price in years), heating fuel, rent, furniture and new vehicles, while airline fares, clothing and used vehicles saw price decreases.
Average hourly wages also increased for the month of September, but not enough to keep up with inflation, only rising 4.6%.
The Federal Reserve has described rising inflation as "transitory," though many economists have disagreed and pointed to the increasingly rising costs across the board as reason for concern.
Recent job reports have also been disappointing, with only 194,000 jobs being added to the economy in September, far below expectations. Unemployment, meanwhile, stands at 4.8%, higher than before the Covid-19 pandemic, and workers are quitting their jobs at a substantial rate.
Labor Department data recently revealed that a whopping 4.3 million people quit their jobs in August, which was 2.9% of the workforce.
Critics have pointed to President Joe Biden's vaccine mandate for companies with more than 100 employees as a major reason behind staffing issues currently plaguing various industries, as so many are walking away or being fired from their jobs for refusing to comply.
The White House, however, has pushed back against negativity about the economy and mandates and insisted everything is on the right track. Press Secretary Jen Psaki even claimed this week that mandates are "good for the economy."
Her comments followed thousands of flight cancellations at Southwest Airlines, which came after the enforcement of the mandate. Critics have since connected the two as being related, though the company's CEO - and the White House - have denied the mandates are related to the airline's recent struggles to keep up with demand.
(RT.com)
Get a daily dose of Michigan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Michigan Sun.
More InformationNEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...