The jaws of stagflation are wide open, per Bloomberg
byu/RobertBartus inEconomyCharts
Number of new U.S. businesses soars to highest level since 2007
byu/RobertBartus inEconomyCharts
“Most people I know starting businesses are doing it as side gigs because jobs don’t pay enough anymore for basic living. Myself included and burning at both ends.”
Inflation or jobs: Federal Reserve officials are divided over competing concerns
One major question will be front and center for Federal Reserve policymakers as they prepare for an annual conference in Jackson, Wyoming next week and a crucial policy meeting in September: Which is a bigger problem for the economy right now, stubborn inflation or slower hiring?
Weak job gains since April have pushed some officials toward supporting a cut in the Fed’s key rate as soon as next month, but speeches and comments by other Fed policymakers show that inflation is still a concern.
Electricity prices are climbing more than twice as fast as inflation
Ken Thomas woke up this past Wednesday to find the power had gone out at his house in Boca Raton. A text message from his utility said a piece of equipment had failed at 2 a.m. By the time a repair crew showed up eight hours later, the hot, sticky Florida summer was already taking a toll.
“You just don’t realize how important your power is until you don’t have it,” says Thomas, a retired air traffic controller. “In Florida’s heat, you just can’t live without air conditioning. And this time of year particularly.”
Thomas has invested in energy-saving windows and insulation to keep his house comfortable. But in the heat of the summer, his power bills still top $400 a month.
“It’s painful to see that bill when it comes in,” he says.
Across the country, electricity prices have jumped more than twice as fast as the overall cost of living in the last year. That’s especially painful during the dog days of summer, when air conditioners are working overtime.