July 14, 2024
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Kevin Drum- The economy is still running hot, hot, hot

the economy is running so hot that the Fed is scared to reduce interest rates even a quarter of a point.

For the record, over the past 12 months:

  • The unemployment rate has averaged 3.7%, the lowest 12-month period in more than 50 years.
  • Inflation has averaged 3.4%. Inflation for groceries has averaged 1.1%.
  • GDP has grown 3.0%.
  • The stock market has gone up 25%.
  • Consumer spending has increased 3.1%.
  • Total employment is up 1.8%.
  • Wages are up, private investment is up, and labor force participation is up.

All of these numbers are adjusted for inflation, of course.

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