Some credit the Fed and Joe Biden for America’s relatively painless escape from inflation. It’s not a simple answer
Contrary to the predictions of many economists – and the enduring perception of many Americans – the US inflation rate has, so far, come down without a major decline in economic activity or employment. In fact, the economy has added an average of 204,000 jobs a month over the last three months, well above the labour force’s long-term growth trajectory. As a result, unemployment remains under 4%, almost the lowest level since the late 1960s. Meanwhile, annualised GDP growth amounts to 2.3% so far this year, faster than the average rate since the turn of the century.
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