Bidenflation Pushes U.S. Misery Index Ever Higher
Jun 12, 2022 19:11:00 GMT -5
Post by leilani on Jun 12, 2022 19:11:00 GMT -5
Bidenflation Pushes U.S. Misery Index Ever Higher
BY GWENDOLYN SIMS JUN 11, 2022 5:59 PM ET
The U.S. government announced Friday that May’s federal inflation numbers increased to a crippling 8.58%. According to the official Bureau of Labor Statistics (BLS) news release:
The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors. After declining in April, the energy index rose 3.9 percent over the month with the gasoline index rising 4.1 percent and the other major component indexes also increasing. The food index rose 1.2 percent in May as the food at home index increased 1.4 percent.
The index for all items less food and energy rose 0.6 percent in May, the same increase as in April. While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks, and new vehicles. The indexes for medical care, household furnishings and operations, recreation, and apparel also increased in May.
From this BLS data, economists are able to quantify the economic health of the country. They add the most recent U.S. unemployment rate, which is 3.6%, to the current rate of U.S. inflation, which is 8.58%, to produce a snapshot of the country’s economy. The result is known as the U.S. Misery Index.
The current U.S. Misery Index stands at a very miserable 12.18%.
With inflation at record-high levels not seen since the Jimmy Carter administration, it’s unsurprising the Misery Index climbed ever higher over last month’s levels, causing increases in basic necessities like food, shelter, and gasoline. In other words, American consumers are now feeling Bidenflation in their wallets every single day.
Continued at the link
BY GWENDOLYN SIMS JUN 11, 2022 5:59 PM ET
The U.S. government announced Friday that May’s federal inflation numbers increased to a crippling 8.58%. According to the official Bureau of Labor Statistics (BLS) news release:
The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors. After declining in April, the energy index rose 3.9 percent over the month with the gasoline index rising 4.1 percent and the other major component indexes also increasing. The food index rose 1.2 percent in May as the food at home index increased 1.4 percent.
The index for all items less food and energy rose 0.6 percent in May, the same increase as in April. While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks, and new vehicles. The indexes for medical care, household furnishings and operations, recreation, and apparel also increased in May.
From this BLS data, economists are able to quantify the economic health of the country. They add the most recent U.S. unemployment rate, which is 3.6%, to the current rate of U.S. inflation, which is 8.58%, to produce a snapshot of the country’s economy. The result is known as the U.S. Misery Index.
The current U.S. Misery Index stands at a very miserable 12.18%.
With inflation at record-high levels not seen since the Jimmy Carter administration, it’s unsurprising the Misery Index climbed ever higher over last month’s levels, causing increases in basic necessities like food, shelter, and gasoline. In other words, American consumers are now feeling Bidenflation in their wallets every single day.
Continued at the link