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The Bureau of Economic Analysis says the U.S. GDP has increased by a 2.1 percent annual rate in this year’s second quarter, performing much better than the second quarter of last year. Unemployment remains consistent, with similar results to last year, but still down from 2020 and 2021 according to the U.S. Bureau of Labor Statistics.
Inflation rates are also down to about half of last year’s rate. But the 3.7 percent for August was up a half a percentage point from July.
Interest rates on credit cards also remain high with a national average of 28.05 percent, according to Forbes Advisor’s weekly report.
Other large concerns include a strike by the United Auto Workers (UWA) against U.S. auto plants such as General Motors, Stellantis, and Ford. The strike has entered its fourth day and shows no signs of stopping. Mortgage rates are also causing concern. According to Forbes, mortgage rates are up to 7.73 percent for 30-year fixed rates compared to last week’s rates of 7.66 percent.
Besides all of this, the government could shut down if Congress can’t pass a budget by the end of the month.
This Friday on Noon Edition, we will talk with experts about the current state of the economy and potential concerns.
You can follow us on Twitter at @NoonEdition or join us on the air by calling 812-855-0811 or toll-free at 1-877-285-9348. You can also send questions for the show to firstname.lastname@example.org.
Denvil Duncan – Economist and Associate Professor at the O'Neill School of Public and Environmental Affairs at IU
Phil Schuman – Director of financial literacy at Indiana University
Andrew Butters – Assistant professor in the Business Economics & Public Policy department at the Kelley School of Business