ALBAWABA - After a report by the United States Bureau of Labor Statistics, President Joe Biden celebrates "continued progress" on inflation.
According to the Real Earnings Summary for March 2023, real-wage earnings for American workers increased slightly from February to March 2023. However, compared to March 2022 wages are still down 0.7 percent.
JUST IN: Inflation cooled to 5% in March, down from a 6% rate in February, the Bureau of Labor Statistics reports. https://t.co/9AM4pW1I0q
— NBC News (@NBCNews) April 12, 2023
"Today’s report shows continued progress in our fight against inflation," Mr. Biden said.
President Biden on Wednesday took credit for the easing inflation as a new government survey of prices showed less expensive gas and groceries tamping down overall consumer prices. https://t.co/CHSNKNNOW0
— The Washington Times (@WashTimes) April 12, 2023
Biden said while inflation "is still too high, this progress means more breathing room for hard-working Americans — with wages now higher than they were nine months ago, after accounting for inflation."
Inflation cooled for the ninth month in a row in March, with prices rising at the slowest rate in nearly 2 years https://t.co/xtW0nHI879
— CNN Breaking News (@cnnbrk) April 12, 2023
Inflation in the American economy peaked at 9 percent last summer and has been slow to recover, causing criticism from Biden's political opponents.
BREAKING: A key measure of underlying US inflation moderated in March to a still-strong pace, likely keeping a Federal Reserve interest-rate hike in play for next month https://t.co/RuaTk13yTK pic.twitter.com/aJtyNM9DVb
— Bloomberg (@business) April 12, 2023
"Today’s Consumer Price Index marks the 23rd straight month inflation has been at or above 5 percent, and the 24th straight month of negative real wages," Tommy Pigott, rapid response director for the Republican National Committee, wrote in a news release.
"It’s why poll after poll shows Americans disapprove of Joe Biden’s economy," Pigott added.
NEW - US inflation slowed in March, according to data released Wednesday, but remained well above the Federal Reserve‘s target despite numerous interest rate hikes over the last yearhttps://t.co/ZIrpk6URBB
— Insider Paper (@TheInsiderPaper) April 12, 2023
The Federal Reserve raised interest rates by a quarter-point in March 2023. This marked its ninth consecutive rate rise and the highest since 2007. The decision was made despite the uncertain situation of the American financial market following the collapse of Silicon Valley Bank.
Warren Buffett believes that the recent banking crisis, headlined by the rapid collapse of Silicon Valley Bank and Signature Bank, isn’t over just yet. https://t.co/wwBrwEZR7n
— FORTUNE (@FortuneMagazine) April 12, 2023
