BREAKING: Inflation SKYROCKETS To Highest Levels Since Great Recession, Follows Disastrous Jobs Repo
Updated: Jun 18, 2021
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%.”
The report sent the stock market tumbling shortly after it was released by the Department of Labor.
“Rising commodity markets, supply-chain blockages and hiring difficulties have prompted some investors to expect a prolonged upswing in consumer prices,” The Wall Street Journal reported. “That could lead the Federal Reserve to raise its target for short-term interest rates sooner than it has signaled, potentially weighing on stocks and other assets that have benefited from over a year of near-zero borrowing costs.”
The news comes less than a week after the Biden administration suffered a major setback when April’s jobs report showed that only 266,000 jobs were added to the economy, 700,000 less than had been projected.
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