Inflation Report Confirms Cost of Living Rise

Armand Biroonak — Tue, 16 Sep 2008 21:00:00 -0700

The Labor Department reports a new inflation rate of 5.4 percent for the 12 months ending in August.

Dean Striker

Dean Striker — Sat, 19 Apr 2008 15:25:34 -0700

Surging oil and food prices fuel global inflation

Alex Carter — Wed, 16 Apr 2008 09:27:37 -0700

Soaring oil and food prices lifted inflation to record levels in Europe on Wednesday and posed a serious threat to governments worldwide amid expert warnings of social upheaval.

More Stress for Households Deep in Debt

Charles McMillion — Wed, 20 Feb 2008 12:39:47 -0800

The Bureau of Labor Statistics reported today that average seasonally adjusted weekly wages fell another -0.5 percent behind consumer price increases in January, with wages now able to buy -1.4 percent less than they did one year ago. This chart illustrates the impact.

Weekly wages fell in four of the past five months since last August. Average real weekly wages are now again lower than they were in January 2002…and in January 1981, when the irresponsible debt and deregulation ideology took power.

Oh, and the Commerce Department report last week that nominal consumer spending rose 0.3 percent in January that the debt industry spun to suggest economic growth: Today the BLS reports that consumer prices rose 0.4 percent in January. After adjusting for inflation, consumer spending fellby about -0.1 percent in January but their real wages fell even further.

Today’s reports are more evidence that the economy is very likely already in recession and consumer finances are certainly worsening rapidly.