The department also released employment numbers, which missed projections.
In its monthly inflation report released Wednesday, the Department of Labor found that the consumer price index increased 0.2 percent in August while housing and service costs remained high. While consumer prices have significantly slowed their upward climb, the high cost of rent, mortgages, and services reflect lingering signs of inflation.
The department also released job numbers on Thursday, with employment increasing 142,000 in August, which missed the projected 161,000 from Dow Jones economists. Labor officials acknowledged the employment numbers were below the monthly average of 202,000 over the past 12 months.
The department stated, “Over the month, heavy and civil engineering construction added 14,000 jobs and employment in nonresidential specialty trade contractors continued to trend up [by 14,000].”
The employment indicators somewhat mitigate the inflation numbers, continuing the belief that the Fed could lower rates during their September meeting.
Employment and the economy are significant issues in the upcoming presidential election.
As the Lord Leads, Pray with Us…
- For Acting Secretary Julie Su as she leads the Department of Labor.
- For Federal Reserve Chair Powell and central bank members as they evaluate the potential to cut rates
- For the president, vice president, and administration officials as they assess the state of the economy.
Sources: Reuters, UPI News
