Charted: Four Decades of U.S. Inflation
In May 2022, the annual rate of U.S. inflation grew to 8.6%—the highest it’s been in four decades, according to the Bureau of Labor Statistics.
What’s driving this surge, and what products are seeing the most significant price jumps?
This visualization by Pablo Alvarez shows U.S. inflation levels since 1982 and highlights a few product categories that have seen the biggest year-over-year increases.
While it's not the first time we have observed the BLS manipulate data (the last time was in "This Is What Happens When The Bureau Of Labor Statistics Is Caught In A Lie"), never before had we actually caught the Bureau Of Labor Statistics openly fabricating data. Until now.
If there is one common theme across sellside previews of tomorrow's nonfarm payrolls number, expected at 180K after a surprising jump to 209K in July, it is to brace for disappointment, or in Wall Street parlance, "downside risks." And it's not because of Harvey which hit the US far too late in the month to be reflected in the monthly payrolls.
According to the prevailing narrative, job growth in the US, where GDP over the past decade has been on par with that in the 1930s, is one of the otherwise brighter economic indicators in a time when much of the economic data such as capital spending, productivity and especially wage growth (so critical for the Fed's future plans) has been a chronic disappointment. Today, for example, headlines blast that the US has enjoyed 80 months of continuous jobs growth with unemployment hitting 4.3% – the lowest since 2001.
Submitted by Michael Lucci via IllinoisPolicy.org,
New Bureau of Labor Statistics data show Illinois’ black residents have an unemployment rate of 12.7 percent, more than double the state’s overall rate.