What to know about the US economy as midterm elections near
Summary
U.S. inflation reached 3.7% in September, while gasoline and diesel prices rose sharply over the past year, straining household budgets. The economy grew at a 3.4% annualized rate in the three months through September, but consumer sentiment is near a record low as voters approach the Nov. 3 midterm elections.Key Facts
- September inflation was 3.7%, above the Federal Reserve’s 2% target.
- Average regular gasoline cost $4.22 per gallon on Thursday, up $1.19 from a year earlier, according to AAA.
- Average diesel cost $6.33 per gallon, up $2.65 from a year earlier, according to AAA.
- In an ABC News/Washington Post/Ipsos poll, 71% of respondents said gasoline was unaffordable, compared with 28% in February.
- Consumer sentiment in the University of Michigan survey was the second-lowest in the survey’s 74-year history.
- The economy grew at a 3.4% annualized rate in the three months ending in September, up from 2.2% and 2.5% in the prior two quarters.
- Wages began to trail inflation in April, reducing workers’ purchasing power.
- The article says employers continued to add jobs, though hiring slowed.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
