(DCWatchdog.com) – HAPPENING NOW: With voters set to go to the polls next month, today’s brand new report on the state of the American economy shows that “core” inflation has jumped to the highest level in 40 years.
Most Americans alive today have never experienced inflation at the current level. And there’s also a new report showing rising prices are impacting retirement plans for many Americans.
As the Daily Caller notes in “Inflation Stays Sky-High As Core Prices Soar Above Expectations“:
“Inflation increased 0.4% in September from August as “core” inflation, measuring the price of goods excluding food and energy, soared above expectations to a 40-year-high, according to the Bureau of Labor Statistics (BLS).” [emphasis added]
And more bad news may be just around the corner.
“The U.S. added 263,000 jobs in September, the slowest rate of the year, as the labor market continued to cool. Bank of America’s chief U.S. economist Michael Gapen warned Monday that unemployment could spike if the Fed continues its rate hikes, pushing unemployment as high as 5.5% from its current level at 3.5%, costing the U.S. 175,000 jobs per month early next year.” [emphasis added]
CNBC adds in a report headlined “A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study“:
“A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.
“‘The United States is definitely facing a retirement crisis,’ said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. ‘If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.'” [emphasis added]
THIS IS A BREAKING NEWS ITEM FROM THE DC WATCHDOG.