Wage growth remains high, jobs are steady and inflation is falling so why are people worried?

‘The technical term for the type of economy that we’re in now is weird,’ University of South Carolina economist William Hauk said

By: - June 25, 2023 6:30 am
Cartons of eggs are seen for sale in a Sprouts Farmers Market on 8/15/22 in Houston, Texas. Egg prices steadily climb in the U.S. as inflation continues impacting grocery stores nationwide. (Photo by Brandon Bell/Getty Images).

Inflation continues to drop but lingering high prices, particularly for groceries, have left consumers grumpy, says one economist (Photo by Brandon Bell/Getty Images).

Economists have been predicting a recession for months, but the labor market has remained resilient, wage growth is higher than before the pandemic, and inflation continues to drop, now at 4% compared to 9.1% in June of last year. Despite this good news, consumers don’t feel confident about the future, according to the consumer confidence index, which is at a six-month low.

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Casey Quinlan
Casey Quinlan

Casey Quinlan is a reporter in Washington DC. In the past 10 years or so, they have reported on national politics and state politics, LGBTQ rights, abortion access, labor issues, education, Supreme Court news and more for publications including The American Independent, ThinkProgress, New Republic, Rewire News, SCOTUSblog, In These Times, and Vox. Some of their stories have included coverage of 2018-2019 teachers strikes, a medication abortion ban in Arkansas, the effects of the pandemic on LGBTQ workers, and the fallout of efforts to remove books with LGBTQ characters from school libraries and community libraries across the country.

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