Categories: Economic News

Statement by CEA President Cecilia Rouse on Encouraging Economic News

We continue to see encouraging economic developments, including strong job growth and lower energy prices.

First, consumer price data showed headline inflation was 0.0% last month. This moderation compared to the previous month was driven by falling gas prices and lower prices for clothing, airline tickets, electronics, used cars and more.

Second, today’s new data show declining prices that producers pay to make the goods and services that consumers and businesses buy, such as gasoline, jet fuel, iron and steel.

And third, the national average price of a gallon of gas fell below $4 today. This provides much-needed breathing space for families across the country.

While this week’s news is encouraging, we have more work to do to bring inflation down, without giving up the significant economic and labor market gains of the past year. Congress should pass the Inflation Reduction Act as soon as possible, which will help our economy address some of its biggest short-term and long-term challenges.



Published by

Recent Posts

More on the Interest-Income Channel

Last weekend, I wrote about Warren Mosler's argument that the Fed's rate hikes could be…

1 month ago

More information in the Interests Channel

Last weekend, I he wrote on Warren Mosler's argument that the Fed's rate hikes could…

1 month ago

Biden wants to reduce the deficit. Powell wants to reduce inflation. Do rate hikes undermine both goals?

Last week, the chairman of the Fed, Jerome Powell said, "the disinflationary process has begun".…

1 month ago

Quick thoughts on the CBO budget and economic outlook

Earlier this week, I joined Romaine Bostick and Scarlet Fu Bloomberg TV. The Congressional Budget…

1 month ago

Eight states have joined forces to raise taxes on America’s wealthiest

Tomorrow morning, I'll be joining CNBC's Squawk Box to talk about a new effort tax…

2 months ago

Mike Pence would pick up where Paul Ryan left off

Former Vice President Mike Pence talks about privatizing Social Security. The remarks came Thursday before…

2 months ago