up, that s close to $10,000 per family more than we re paying. ainsley: we re paying $30 more per gal of gas last month. $1,083 more on mortgage payments. and gas prices in milwaukee where he was talking are up 40 cents a gallon. brian: core inflation has not moved down where inflation did drop in july. the big picture is the inflation is growing just not at the rate it was. so that 9% is still there. but it only grew by 3% on top of that. and when the president talks about the inflation reduction act, which he said was a lark and a reuse. no kidding. when he looked like this the public works spending is 13.6%. electric power projects he put 36% much the trillions on that. conservation and development 30%. look at what he has done with the infrastructure bill 550 billion over five years. this is just simply a subsidy act to push forward his agenda.
packages, the ira being the one that may ultimately have the biggest impact. but a couple other things, remember the infrastructure bill? $550 billion for everything from a lot of transportation but broadband, utility upgrades and things like that. that money is being spent now. as it gets spent, obviously, companies have to build facilities, create jobs and so on to produce the materials that are needed to build out all of this spending. lastly, remember the chips act which is about $52 billion of government tax incentives and grants for r&d for semiconductors. now, semiconductors are not just an economic benefit to us but a huge national security benefit to get more of that production here, currently in taiwan and other places that are not as secure. so you ve had this huge increase in the number of semiconductor projects that have been announced, over $200 billion of projects. again, all over the country, a
better than expected 9% rise in profit for the presidency. income is higherfalling revenues investment higher falling revenues investment bank. higherfalling revenues investment bank. unspecifiedjob higherfalling revenues investment bank. unspecified job cuts as it looks to further reduce its costs. staying in china, the country s than see the yuan has overtaken the us dollar is the most used currency for china s international transactions according to reuters, a record $550 billion worth of china s cross border transactions in match took place in yuan, which is around $150 billion higher than in february. what does it all mean? will the yuan becoming more commonly used currency internationally? filters about this significant at this moment becoming the most use
you see those blips, but if you pull back a bit and look at the three months as a whole, we are seeing no growth and we are not alone in that. that is a picture we are seeing across most leading advanced economies, i think only be canada and the us posted any growth to write home about in the last month, but then if you go even further back across the whole year, the picture is not looking great. in the uk, it is not looking great. in the uk, it is pretty flat, no growth for the whole year, notjust the quarter. what you decide might explain some of what the chancellor was saying this morning, that we had the fastest growth in the g7. i think thatis fastest growth in the g7. i think that is technically true, but i don t think it is helpful or informative. i think we can bring up this chart to show the last couple of years in the uk. we make and put out about £550 billion worth of stuff and that fell at the start of the pandemic by 100 billion and then started to recover through the res
cup was still on, england went in it, and the premiership wasn t going. so you see those blips but if you pull back a bit and look at three months as a whole, we are seeing, as you said, no growth, and we are not alone in that. that is a picture you are seeing across most leading advanced economies. i think only canada and the us posted in growth worth writing home about in the last month, but if you go even further back across the whole year, the picture is not looking great. in the picture is not looking great. in the uk, it is pretty flat. no growth for the whole year worth mentioning, not just the quarter. for the whole year worth mentioning, notjust the quarter. what for the whole year worth mentioning, not just the quarter. what you decide might explain some of what the chancellor was saying this morning, that we have the fastest growth in the g7. well, i think that is technically true, but i don t think it is helpful or informative, and i think we can show the audience why. if w