Analysis: Inflation Accelerated at the End of Biden’s Term as Trump Seeks to Cut Spending, Regulations; Boost Production

Both consumer and producer inflation accelerated as former President Joe Biden left office in January and President Donald Trump was sworn into office on Jan. 20, to annual rates of 3 percent and 3.5 percent, respectively, according to the latest data compiled by the Bureau of Labor Statistics.

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Consumers Are Right to Think Biden’s Economy Is in Bad Shape, Experts Say

Workers

Consumers are right to be dissatisfied with the current state of the economy despite claims of a booming economy from U.S. officials and the media, experts told the Daily Caller News Foundation.

Consumer sentiment, meaning Americans perception of the economy, is expected to improve in December following a mid-month reading of 69.7 index points, which is far from the high under Biden of 88.3 in April 2021 and even further from the 90 to 100 range that was common during the Trump presidency, according to the University of Michigan’s Survey of Consumers. Politicians and the media have insisted that consumers are wrong to be unenthusiastic about the state of the economy, but experts told the DCNF that consumer perceptions are more in line with the true state of the country.

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Mortgage Rates Near Six-Month Peak as Bidenomics Burns Through American Buying Power

U.S. mortgage rates rose to an almost six-month high toward the end of 2024, according to the Mortgage Bankers Association (MBA).

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U.S. Economic Growth Was Weaker than Expected in Third Quarter

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The U.S. economy grew at a rate of 2.8% in the third quarter of 2024, according to Bureau of Economic Analysis (BEA) statistics released Wednesday.

The growth in the third quarter comes after a better-than-expected 3.0% growth rate in the second quarter of 2024, according to the BEA. Economists forecast that GDP would increase by about 3.0% in the third quarter, according to Forecast.com.

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Commentary: America Needs the Trump Tax Cuts

Tax Cut Bill

The Biden-Harris administration has become synonymous with an economy in tatters. Americans are struggling with rising prices, stagnant wages, and increased obstacles to starting a business, buying a home or retiring. According to the Gallup Economic Confidence Index, Americans’ outlook on the economy from 2021 to 2024 has been negative.

Contrast this with the economic prosperity seen under the Trump administration. America enjoyed energy abundance, skyrocketing wages, a record number of startups and incredible stock market averages. A large part of this success can be credited to the 2017 Tax Cuts and Jobs Act (TCJA), a tax cut for families and small businesses that fueled one of the strongest economies in decades.

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Inflation Ticks Down Less than Expected as Fears of Hot Economy Grow

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Inflation fell slightly in September amid fears of a hotter-than-expected economy following strong job gains in the month prior, according to the latest Bureau of Labor Statistics (BLS) release Thursday.

The consumer price index (CPI), a broad measure of the price of everyday goods, increased 2.4% on an annual basis in September and rose 0.2% month-over-month, compared to 2.5% in August, less than the 2.3% rate that was expected, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, rose 3.3% year-over-year in September, compared to 3.2% in August.

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September Job Growth Exceeds Expectations as Unemployment Falls

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The U.S. added 254,000 nonfarm payroll jobs in September as the unemployment rate ticked down to 4.1%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists expected 150,000 jobs to be added in September, slightly higher than the initially reported 142,000 job gain in August, and the unemployment rate to remain at 4.2%, according to MarketWatch. Meanwhile, previously reported job gains for July and August were revised up by 55,000 and 17,000, respectively, breaking a trend under the Biden-Harris administration of overestimating employment growth in initial estimates, with the cumulative number of new jobs reported in 2023 roughly 1.3 million less than previously thought.

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Fed Chairman Suggests ‘Influx’ of Migrants Are Contributing to Rising Unemployment

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Federal Reserve Chairman Jerome Powell suggested migrants are helping drive rising unemployment during a press conference on Wednesday.

Powell spoke to reporters after the Fed announced it would lower its federal funds rate by 0.50% following disappointing job growth in both July and August. Unemployment currently sits at 4.2% — up from 3.4% in April 2023 — in what Powell suggested was largely a product of migrants crossing into the United States.

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