US economy transitions to slower growth as inflation weighs on consumers
2 years, 4 months ago

US economy transitions to slower growth as inflation weighs on consumers

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The U.S. economy is enduring a rocky transition from an exceptionally strong recovery to a steep slowdown as rising inflation and interest rates weigh on consumers and businesses. The Federal Reserve’s preferred inflation gauge rose 6.8% in June from the year before, the sharpest rise since January 1982, the Commerce Department said Friday. Friday’s Labor Department report on wages “is a print that’s going to keep Fed officials up at night,” said Omair Sharif, who leads forecasting firm Inflation Insights LLC. Adjusted for inflation, wages and salaries paid to private-sector workers fell 3.1% in the second quarter from a year earlier, the Labor Department said. “Over the past several months, we have seen many consumers begin to cut back on discretionary spending, including eating out less at restaurants,” Hershey Co. Chief Executive Michele Buck said.

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