economy

As the economy continues to recover, prices have been rising. Polls show many Americans are worried about inflation, and that could have ramifications for the Biden administration.

New York’s unemployment rate dropped marginally in June from 7.8% to 7.7%, according to the Bureau of Labor Statistics. While this change may seem negligible, SUNY Oswego economics professor, Liz Schmitt, said there are a lot of moving parts underneath the surface.

The Fed is maintaining its easy money policies for now in an effort to speed the economic recovery. It left interest rates near zero despite a jump in consumer prices.

U.S. employers added 559,000 jobs last month, as the unemployment rate fell to 5.8% from 6.1% in April. Employers say they could use even more workers as demand surges and pandemic fears recede.

Retail sales were flat in April from a month earlier as Americans spent less on things such as clothes or sporting goods but increased their spending at bars and restaurants.

Nearly two dozen American cities have signed on to pilot programs that offer basic incomes to low-income residents.

Prices for a range of goods from used cars to bacon surged last month, pushing consumer inflation to 4.2% in April, the highest since September 2008.