Jobs hotter than expected.
CPI hotter than expected.
This is 1980 Volcker deja vu.
Or 2008: pic.twitter.com/HzVoOyWtfj
— Mac10 (@SuburbanDrone) October 12, 2023
We have been dealing with elevated inflation for nearly 3 years.
3.7% inflation in September is building on years of inflation before 2023.
The Fed will continue doing whatever it takes to get inflation down.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) October 12, 2023
Good Morning Everyone! I would not want to be Jerome Powell today.
CPI hits +3.7% in September versus +3.6% expected.
Third straight month with inflation increasing year-over-year.
Shelter accounted for over +50% of the increase, up +7% YoY.
Oof. pic.twitter.com/0rTJKV84dL
— Genevieve Roch-Decter, CFA (@GRDecter) October 12, 2023
Consumer Prices Higher at 0.4% In September, More Than Expected
September’s inflation rate outpaced expectations, with a 3.7% annual increase. Core inflation matched forecasts. Rising shelter and energy costs were primary contributors. Real hourly earnings decreased due to inflation. The Federal Reserve remains divided on addressing inflation concerns, while wholesale prices also rose, exceeding the Fed’s target.
Social Security Benefits Will Increase by a Mere 3.2% In 2024
Social Security benefits will rise by a mere 3.2% in 2024, a significantly smaller increase compared to the previous year’s 8.7% due to easing inflation. Despite the increase, concerns persist about the program’s financial stability. Reports indicate that by 2033, the Social Security trust fund will only be able to pay 77% of scheduled benefits. Efforts to bolster the program have stalled, leaving beneficiaries uncertain about future adjustments and the program’s long-term viability.