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Inflation last 3 months: CPI just 2%, Real earnings up 2.6% (both are annual rates)
https://www.marketwatch.com/economy-politics/calendarJust to highlight a few bright spots on the inflation front.
In the last 3 months, the CPI has increased just 2.0% on a seasonally adjusted annual rate -- just like what Powell has been aiming for.
(Small print: though the Federal Reserve uses the PCE as its measure of inflation -- that's probably done even better -- well actually they aim for the CORE PCE to be 2% annualized, unfortunately the core inflation measures in the last 3 months, annualized, have been high though not as high as the year-over-year figures, but still multiples of 2% annual rates.
The core numbers are with food and energy stripped out. Since we all eat and consume energy, the regular inflation numbers are what matter as far as our budgets and living standards. The core is better for forecasting what is likely to happen with inflation in the future since zig-zaggy energy prices are very hard to project into the future)
(More small print: the good behavior of the CPI and the PCE -- which are the "everything" versions that include food and energy -- has been good only because of volatile energy prices having been on a downslide)
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Real (meaning inflation-adjusted) average earnings are UP 2.6% over the past 3 months on a seasonally adjusted annual basis. Meaning wages and salaries grew considerably faster than inflation over the past 3 months.
(Small print: see comments on the CPI and PCE above. The CPI is used to inflation-adjust the average earnings)
But we don't have to tell any RW fuckheads or the so-called "independents" and the JackPineRadicals the small print part. Just tell them Biden has tamed inflation over the last 3 months - give them those numbers and the link -- and leave it at that.
The October CPI comes out November 10 (2 days after election day),
No economic reports of major interest are on the calendar for Monday or Tuesday, so no economic "October Surprises" due.
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