The pickup in inflation is coming as rebounding demand and supply shortages push costs higher.Credit.Karsten Moran for The New York Times
Prices are climbing at the fastest pace since 2008, a key index released on Friday showed, an increase that is sure to keep inflation central to economic and political debates.
The Bureau of Economic Analysis’ personal consumption expenditure inflation measure climbed 3.6 percent in April from the prior year the strongest reading in 13 years and more than the 3.5 percent gain that economists in a Bloomberg survey had expected.
The core price index, which strip out volatile food and fuel prices, rose 3.1 percent in the year through April the fastest pace since 1992. Prices rose 0.7 percent compared with the prior month, the biggest increase in two decades.
Source: Factset
Treasury Secretary Janet Yellen said that her agency lacks sufficient resources to oversee an economic recovery that still has “a long road ahead” and called on Congress to provide her with more funds.Credit.Erin Scott for The New York Times
Treasury Secretary Janet L. Yellen warned on Thursday that her agency lacked sufficient resources to oversee an economic recovery that still has “a long road ahead” and called on Congress to provide her with more funds to oversee a sprawling set of relief programs.
In testimony before a House appropriations subcommittee, Ms. Yellen expressed confidence that the end of the pandemic recession was in sight, but said that the Treasury Department is facing an overwhelming task in disbursing hundreds of billions of dollars of relief money with the same budget that it had a decade ago. The Treasury Department has been central to the federal government’s response to the health crisis, funneling stimulus payments and aid to mi
Live Updates: San Jose Shooting Victims Are Identified
A light rail operator and an electrical lineman for the Santa Clara Valley Transportation Authority were among the nine people killed in an attack at a California rail yard.
The authorities released the names of the nine people who were killed at a San Jose rail yard on Wednesday.Credit.Mike Kai Chen for The New York Times
The authorities released the names of the nine people who were killed at a San Jose rail yard on Wednesday but have not publicly provided a motive for the gunman, whose body was found at the scene while his house miles away was in flames.
The country’s official tally of infections and deaths grossly understates the pandemic’s true effects. Estimates by The New York Times, informed by more than a dozen experts’ research, range from very bad to catastrophic.
David Chipman, a two-decade veteran of the A.T.F. who serves as an adviser to a major gun control group, faced fierce criticism from Republicans during his confirmation hearing in front of the Senate Judiciary Committee.