U.S. U.S. President Joe Biden speaks within the Eisenhower Executive Office Constructing in Washington, D.C., U.S., on Tuesday, May 10, 2022.
Ting Shen | Bloomberg | Getty Images
WASHINGTON — President Joe Biden on Wednesday celebrated recent data that showed inflation cooling more quickly than expected.
“Good jobs and lower costs: That is Bidenomics in motion,” Biden said in a press release. “Today’s report brings recent and inspiring evidence that inflation is falling while our economy stays strong.”
The information is positive news for the economy – and likewise for Biden, who’s looking for a second term in office. A robust economy tends to profit the incumbent and slowing inflation could take barbs away from opponents.
The Bureau of Labor Statistics on Wednesday released the buyer price index report for June, a well-liked gauge of inflation. Yr over 12 months, inflation rose 3%, the bottom level in greater than two years.
On a monthly basis, the index, which measures a broad swath of costs for goods and services, rose 0.2%. Core CPI, which doesn’t include food and energy costs, rose 4.8% from a 12 months ago and 0.2% on a monthly basis.
“Real wages for the common American employee at the moment are higher than they were before the pandemic, with lower wage staff seeing the most important gains,” Biden said. “Our progress creating jobs while lowering costs for families is not any accident, and I’ll proceed to fight for lower costs for families on daily basis.”
Biden’s top economic advisor also echoed the president’s optimism in a speech on the Economic Club of Latest York on Wednesday.
“The economy is defying predictions that inflation wouldn’t fall absent significant job destruction,” said National Economic Council Director Lael Brainard. “Just today, we saw recent and inspiring evidence that the U.S. economy is on the trail to moderate inflation accompanied by a resilient jobs market.”
She noted that annual inflation has declined every month for 12 consecutive months.
“And inflation in the US is now the bottom amongst G-7 nations – for each headline and core inflation – whilst our economic recovery from the pandemic has been the strongest,” Brainard said.
