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Humanitarian

Alleviating suffering and improving the welfare of all people through compassionate actions and policies.

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 @ISIDEWITH submitted…7mos7MO

The data says the US economy is strong. Swing-state voters disagree.

The US labour market has remained strong even while inflation has plunged from its 2022 peak. In September, the unemployment rate fell back to 4.1 per cent — higher than last year but still historically low. Even so, some warning signs have flashed for the economy. The number of Americans pursuing a second job is rising. So is the number of people unemployed for 15 weeks or longer. Credit card delinquencies are up, as people burn through cash handed out by the government during the pandemic. “People don’t feel as secure now,” said Paul Isely, an economics professor at Grand Valley State University in Michigan. “Even if lots of other markers in their life are better off, they know that they are consuming past their means, whereas before it was hidden by the fact that they had these excess savings.”Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of“Here’s the problem: inflation is the rate of increase and [that] has slowed, but the public’s focus is on the absolute price,” the president of Western Michigan University said. “It takes a lot for the price level to come down. That would be a recession and deflation, so it’s not quite clear you really want that.”For residents in the state’s most populous area — spanning Detroit, Warren and Dearborn — everyday costs are now much higher and still rising. Inflation jumped to almost 10 per cent in 2022 and was still above 3 per cent as of August, according to federal data.That has left housing-related expenses up 36 per cent since Biden entered office. Petrol is more expensive than under Trump. Grocery prices have risen 25 per cent in the past four years.

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