The present week has seen 2 important pieces in the US economy, the highest US inflation rate and the lowest number of jobless claims.
Jared Bernstein who is a longtime economic aide to Biden, was keen to drop some information on the more flattering number, noting “‘Honky Tonk Woman’ by the Rolling Stones was topping the charts” the last time jobless claims were this low.
He added that “part of what is happening here is the President asking the Federal Trade Commission to make sure oil companies are not engaging in any anti-competitive behavior” as well as “the largest ever release from our strategic petroleum reserve.”
Gas prices have fallen in recent days to levels not seen since the month of August. It attributed the downward pressure more to COVID-19 and fears of an economic slowdown linked to the omicron variant.
The Labor Department reported that the CPI had increased 0.8% in November adding up to a 6.8% increase over last year. Another measure, the so-called core CPI which excludes food and energy prices, jumped by 4.9% over last year, also marking the fastest increase in decades.
Republicans were fast to jump on such numbers with the Republican House Ways leader, Rep. Kevin Brady, calling it ”another grim report for American workers and families whose paychecks are shrinking month after month due to President Biden’s US inflation friendly policies.”
Biden Aide Talks About The US Inflation And Port Action Plan
Bernstein is currently a member of the White House Council of Economic Advisers and has had a long relationship with Biden on economic issues.
The White House’s Port Action Plan is currently working and “virtually every forecast I’ve seen has some of these supply chains snarls easing as demand for goods rebalances [and] demand for services come up and that takes the pressure off the supply chain and that takes some pressure off of US inflation,” he said.