Free Republic

LAST PARAGRAPH: "From February 2022 to February 2023, real average hourly earnings decreased 0.3 percent, seasonally adjusted. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 1.2-percent decrease in real average weekly earnings over this period."

MOSCOW—Russia will need to raise interest rates further to combat stubbornly high inflation that overshot forecasts and shows little signs of slowing, a Reuters poll showed on Thursday. Russia’s export-focused economy has already recovered to pre-pandemic levels and is on track to grow further. But the recovery, together with global inflation and a weak rouble, is pushing consumer prices higher, denting living standards. The consensus forecast of 22 analysts polled in late September suggested the central bank will raise its key rate for the sixth time this year at the Oct. 22 board meeting to 7 percent. Some analysts said...

...My fear mentioned above is that in addition to consumers soon to get walloped with sticker shock at the grocery stores within the space of a few months as the price rise works its way through the distribution channels, they were also going to get hit with rising gasoline and energy costs, a double whammy for their pocketbooks at the time that many can ill afford it. There are so many struggling families dealing with lost incomes and underemployment for those fortunate enough to have found work, that any further price pressures on the energy front would act to take...

Federal Reserve policymakers begin a two-meeting today amid new worries that the central bank may not cut interest rates after all. An article in Tuesday's Wall Street Journal said an interest rate cut this week is no sure thing and officials are not seriously considering a half-point reduction in overnight rates. J. Scott Applewhite / AP -------------------------------------------------------------------------------- The article by Greg Ip, the Journal's Fed watcher who is known for sometimes reflecting the views of senior central bankers, said policymakers view this week's decision as a choice between a quarter-point cut to 4.5 percent and not moving at all. Investors...

Real Average Weekly Earnings Increase.  "Easing inflation in July had the effect of pushing up inflation-adjusted earnings. Real average weekly earnings, which posted a big 0.8 percent drop in June, rose 0.7 percent last month, according to a separate Labor Department report."  ("Consumer Prices Drop, Housing Starts Soar," Reuters, 8/17/04)Housing Starts Rebound Sharply In July.  "Housing starts rebounded sharply in July, making up almost all the ground lost in a June slump by posting their largest monthly percentage gain since September 2002, a report from the Commerce Department on Tuesday showed.  Starts rose a healthy 8.3 percent to a seasonally...