Annual inflation at 5.3% in August amid overheating fears

Con­sumer prices increased 5.3% in the year end­ing in July, accord­ing to a report released on Tues­day by the Depart­ment of Labor.
The num­bers from the con­sumer price index came in line with fore­cast expec­ta­tions and raise con­cerns that infla­tion is com­ing in too hot as the coun­try con­tin­ues its recov­ery from the COVID-19 pandemic.
The August report on infla­tion was high­ly antic­i­pat­ed because it comes after a jobs report that was far worse than expect­ed. The econ­o­my added just 235,000 new jobs last month , far few­er than the 750,000 that were expect­ed. Despite the mea­ger gains, the over­all unem­ploy­ment rate dropped slight­ly from 5.4% to 5.2%.
ECONOMISTS LOWER THIRD-QUARTER GROWTH FORECASTS OVER DELTA VARIANT AS INFLATION RUNS HOT
Bankrate’s chief finan­cial ana­lyst Greg McBride said that the infla­tion numbers …

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