Steady hiring, solid pay growth and low unemployment have been good for workers, but have contributed to rising prices.
The government reported last week that consumer inflation reached 7.7% in October from a year earlier, the smallest year-over-year gain since January. Prices at the wholesale level rose 8% in October from a year ago, the fourth straight decline and the latest sign that inflation pressures in the United States are easing. The annual figure is down from 8.4% in September.
Early this month, the Fed raised its short-term lending rate by another 0.75 percentage points, three times its usual margin, for a fourth time this year. Its key rate now stands in a range of 3.75% to 4%, the highest in 15 years. American employers added a healthy 261,000 jobs in October, according to the Labor Department’s most recent data, and the unemployment rate rose from a five-decade low of 3.5% to 3.7%. Fed officials have signaled that the unemployment rate needs to be at least 4% to slow inflation, a threshold increasingly in sight as more and more high-profile companies announce layoffs.
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