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US economic data stays negative as inflation still above 7%

Wednesday, 14 December 2022 6:45 AM [ Last Update: Wednesday, 14 December 2022 6:45 AM ]

Ramin Mazaheri
Press TV, Chicago

Inflation in the United States continues to be near a four-decade high, with the latest data showing it still remains above 7%.

The real number is even worse as food prices climbed significantly, but the government excludes food and energy costs from their official rate.

Corporate profits have not just risen, they have exploded- to an all-time record of $2 trillion last quarter. That is a stunning $1 trillion jump from 2020.

Also headed in the wrong direction are recurring unemployment claims- which saw the biggest jump since May 2020 and are at their highest level in nearly a year.

Seemingly every day new mass layoffs are being announced, and especially in the tech sector. With a double-dip recession appearing likely, and perhaps prolonged, more job cuts are expected this winter.

American high finance is desperate for the central bank to return to low interest rates and the “no strings attached” policy of Quantitative Easing, but many say that no amount of spin can hide inflation’s negative effects on the average person.

What is not rising are wages, which fell for the 20th consecutive month. Christmas is less than two weeks away and polls say that economic hardship will force half of Americans to spend less on their loved ones this season.

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