Staff Reports
In a statement released Thursday morning, Biden noted that the economic news this week had shown that his plan was working.
In October, inflation fell to 6%, and the number of people filing for unemployment benefits dropped. Also, third-quarter GDP growth was revised up to 2.9%. Biden noted that these positive developments show that his economic plan is working.
In his statement, Biden noted that the decline in inflation and the increase in incomes in October were good signs that the country's economy is starting to grow at a more stable rate. He also noted that the signs of progress in addressing inflation are encouraging.
The decline in the consumer price index for personal consumption expenditures in October was a sign that the pressure on prices is starting to ease. However, inflation is still running at a higher rate than the central bank's target.
The core consumer price index, which excludes food and energy costs, fell by two-tenths of a percentage point in October. It is below the central bank's target of 2%.
Despite the concerns about a potential recession, the president noted that the economic news this week had shown that the country's economy is starting to grow at a more stable rate.
Biden noted that the decline in inflation and the increase in incomes in October were good signs that the country's economy is starting to grow at a more stable rate. He also noted that the signs of progress in addressing inflation are encouraging. However, it will take time for inflation to return to a more normal rate.
The preceding is a summary of an article that originally appeared on Washington Examiner.
