New economic data has come out showing the United States has reached its lowest annual inflation level in two years. Although inflation has been very high, it has been gradually declining as predicted, and the latest data from the Bureau of Labor Statistics reveals headline inflation rose 0.4% over the last month and 4.9% over the prior year in April. If we look at all the different indicators to answer the question, “Is the economy doing well by traditional measures?” we get a picture that is quite unremarkable, meaning that things are pretty much okay. GDP in Q4 of 2022 was up 2.6%, and in Q1 of this year, GDP was up 1.1%. The unemployment rate has been declining to historic lows, with much of this trend happening under President Joe Biden. The consumer confidence level is also historically at quite a high level. However, all of these positive indicators do not mean that there is no inequality or that wages are keeping up with inflation. It also doesn’t mean that because the economy is steady now, it will remain that way in the near or distant future.
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