President acknowledges the possibility of a “slight” recession.
The Bureau of Labor Statistics released a report on Wednesday showing that inflation, as measured by producer wholesale prices, was higher than expected at 8.2 percent for the year ending in September.
The year-over-year inflation rate was down from 8.7% the month before, but still a bit higher than forecasters expected. On a month-to-month basis, the producer price index grew by 0.4%, double the forecast expectations.
On Tuesday, President Biden said the prospect of a “slight recession” is possible but he does not anticipate it. “I don’t think there will be a recession. If it is, it will be a very slight recession. That is we’ll move down slightly,” President Biden stated. “It is possible.”
As the Lord Leads, Pray with Us…
- For the president and his economic advisors as they evaluate the state of inflation.
- For Labor Secretary Marty Walsh as he oversees the agencies within his department.
- For Commissioner William Beach to be led by the Lord as he heads the Bureau of Labor Statistics.
Sources: Washington Examiner, Wall Street Journal, CNN
