New information from the Bureau of Labor Statistics is giving us an inside look at the current state of the U.S. economy. The good news is import prices fell more than expected. The country is currently on pace to import just over $4 trillion of goods and services.
Prices for goods and services rose 8.5% in July over the previous year, signaling a slowdown in inflation compared to 9.1% in June and providing some hope that inflation has peaked.
There was also a drop in the energy index in July compared to June. However, electricity prices were up 1.6% compared to the previous month. For the most part, the Bureau of Labor Statistics data shows that prices for July were flat and this is the first time that they haven’t increased since May 2020.
Last month, we saw the biggest gains in the consumer price index since 1982. And some analysts have been saying that we are in a recession. However, President Biden recently came out and proclaimed that we are not.
Click play to listen to the AURN News report from Jamie Jackson:
