The latest economic data from the United States shows inflation slowing to its lowest level in two years, bringing some relief to households. The Consumer Price Index rose just 2.8% in July compared to last year, easing pressure on the Federal Reserve.
Officials at the Fed announced that interest rates will remain unchanged, signaling cautious optimism that the economy is stabilizing. However, economists warned that the job market is showing early signs of weakness, with hiring slowing across several sectors.
President Joe Biden said the figures prove his administration’s policies are working, while critics argue that many families still face high grocery and housing costs.