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A new inflation report released Wednesday morning on Fox Business shows real average weekly earning for the month of July are now down .2 percent.
During a segment on “Mornings With Maria Bartiromo” a Fox contributor broke down the latest numbers released from the Dow Jones Industry Futures, covering topics such as weekly earnings, energy and food all for the month of July.
“Real average weekly earnings for the month of July actually down .2%. Energy prices unchanged. Food prices jumping .2% and then if you get into a couple of things here, housing, still a little sticky there — up .4%,” the guest said.
As annual prices increases slowed the Federal Reserve’s overall 2 percent target, officials are set to meet Sept. 17-18 to set interest rates, according to NBC News. While the Fed is expected to cut rates, investors reportedly are uncertain on which route to take following a weak jobs report released last week, the outlet reported.
“July’s CPI report is probably best described as mildly encouraging — it adds support for a 25 (basis point) rate cut in September but, at the same time, doesn’t suggest price pressures are collapsing in a way that could warrant a bigger 50bp reduction,” chief North America economist at Capital Economics Paul Ashworth wrote in a note to clients, according to NBC News.
Within a recent Gallup poll released late July, 46 percent of Americans are still describing the current U.S. economic conditions as “poor,” making it “the dominant response for the 29th straight month,” according to Gallup. With only 22 percent of Americans describing the economy as “excellent” or “good” and 32% saying it’s “only fair,” Americans have still been consistently negative than positive on the issue since May 2021, Gallup reported.
