As consumer price growth continued its slowdown in May, some are asking whether it could mean the American economy is on the rebound.
The Bureau of Labor Statistics reported Tuesday that the inflation rate fell to 4%, the lowest level it has reached since March 2021 when the inflationary spike began. That news comes as unemployment has remained relatively flat for months and gas prices sit at just under $3.60 per gallon nationally, according to AAA.
While the news is encouraging and it’s a far cry from June of last year, when inflation climbed above 9% and a gallon of gas cost more than $5, economists say the current situation still signals a mixed bag for the U.S. economy.
“It’s not as bad as it seemed before, and it’s not as normal as it seems now,” said Jason Furman, an economist at Harvard University who chaired the Council of Economic Advisers during the Obama administration.
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Source: www.nbcnews.com
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