Inflation Is Top Concern
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Bad news on the economy all round, need to earn more money from my blogging…
Most Americans think times are tough because they are feeling the pinch from rising prices. A survey showed that 65% are “very concerned” about inflation, while 26% are “somewhat concerned.” My family is one of those who are hit hard by the inflation.
Unemployment is a major concern for me too, looking at the latest statistics from the Department of Labor. It reveals that America has already lost 85,000 jobs so far this year, with February’s net job report showing the worst loss in nearly five years.
To balance the threat of recession against rising inflation, the Federal Reserve announced a 3/4 percentage point cut of its key interest rate. The purpose for the central bank rate cuts is to boost the economy and stave off a recession. But lower interest rates can also weaken the dollar, sending inflation higher.
The Fed acknowledged that “uncertainty about the inflation outlook has increased.” Inflation hurts consumers and many people will be cutting back on their spending habits. Are you feeling the pinch already?
