Something doesn’t add up. And that something has a lot to do with the nation’s first inflation scare in decades.
Gas prices are at seven-year highs. Food prices are soaring. New car prices surged in October the most since 1975.
Simply put, the cost of living is going up, and Americans aren’t happy about it. Inflation is overshadowing real bright spots in the US economy.
“The economic news is generally good. But inflation is in your face, every day. Some of the most visible prices are up and that makes it seem like the inflation problem is worse than it is,” said Gus Faucher, chief economist at PNC.
The good news is that despite elevated inflation and the supply chain crisis, Americans are still shopping. That’s crucial because consumer spending makes up two-thirds of the economy. The October retail sales report, which easily beat expectations, signals the US economy is heading into the holiday shopping season with serious momentum…