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