June CPI exceeded expectations and was the fastest pace for inflation in four decades

by Erik Randolph | Jul 13, 2022

June CPI exceeded expectations and was the fastest pace for inflation in four decades

Key Points

Consumer Price Index (CPI) rose by 1.3
June CPI exceeded expectations
Fastest pace for inflation in four decades

Today, the U.S. Bureau of Labor Statistics announced that in June the Consumer Price Index (CPI) rose by 1.3, not seasonally adjusted. Year over year, the CPI has gone up 9.1% in the last 12 months. The June CPI exceeded expectations and was the fastest pace for inflation in four decades.

The Georgia Center for Opportunity’s (GCO) take: “This new inflation reading ranks among the worst monthly inflation rates in U.S. history, and the worst in recent history,” said Erik Randolph, GCO’s director of research. “We have to go back to March 1980 — the last year of the Carter administration — to find a higher monthly inflation rate. The bottom line is that we may not have reached peak inflation, and there’s no telling how long the price level crisis will persist. Meanwhile, the rhetoric from the White House and Congress will do little to rectify the situation. There needs to be new thinking within the Washington Beltway.”

Georgia experts blame federal government at least partly for state’s inflationary woes

by Georgia Center for Opportunity | Jul 13, 2022

Georgia experts blame federal government at least partly for state’s inflationary woes

Georgia isn’t immune to the highest inflation in decades, and local pundits say the federal government is at least partly to blame.

On Wednesday, the U.S. Bureau of Labor Statistics announced that the Consumer Price Index for All Urban Consumers increased 1.3% in June and 9.1% over the last 12 months. Both increases are seasonally adjusted.

Meanwhile, Erik Randolph, the Georgia Center for Opportunity’s director of research, said the country might not have even reached peak inflation, and federal lawmakers should consider a new approach to fix inflation.

“This new inflation reading ranks among the worst monthly inflation rates in U.S. history, and the worst in recent history,” Randolph said in a statement. “We have to go back to March 1980 — the last year of the [President Jimmy] Carter administration — to find a higher monthly inflation rate.

“The bottom line is that we may not have reached peak inflation, and there’s no telling how long the price level crisis will persist,” Randolph added. “Meanwhile, the rhetoric from the White House and Congress will do little to rectify the situation. There needs to be new thinking within the Washington Beltway.”

Read the full article here

Georgia nonprofit: New labor numbers show Georgia is benefitting

by Georgia Center for Opportunity | Jul 12, 2022

Georgia nonprofit: New labor numbers show Georgia is benefitting

New data from the U.S. Bureau of Labor Statistics found that total nonfarm payrolls nationwide increased by 372,000 jobs in June, a higher-than-expected increase. At the same time, the national unemployment rate remained at 3.6%.

A Georgia nonprofit says the real story is found at the state level, as many workers are opting to leave many states for places like the Peach State.

“The job numbers are seen as positive overall, but the real story is at the state level where economically free states are performing so much better than more restrictive states,” Erik Randolph, the director of research for the Georgia Center for Opportunity, said in a statement.

Read the full article here

the U.S. Bureau of Labor Statistics reported the unemployment rate remained at 3.6%

by Erik Randolph | Jul 11, 2022

the U.S. Bureau of Labor Statistics reported the unemployment rate remained at 3.6%

Key Points

Total nonfarm payrolls for the U.S. rose by 372,000
Unemployment rate remained at 3.6%.

On Friday, the U.S. Bureau of Labor Statistics reported that total nonfarm payrolls for the U.S. rose by 372,000 in June and the unemployment rate remained at 3.6%. The increase was higher than expected.

The Georgia Center for Opportunity’s (GCO) take: “The job numbers are seen as positive overall, but the real story is at the state level where economically free states are performing so much better than more restrictive states,” said Erik Randolph, GCO’s director of research. “Of the 14 states that have recovered all their jobs lost due to the COVID-19 pandemic, 12 of them are governed by leaders more friendly to economic freedom. Recent migration data show that businesses and workers are leaving more restrictive states — like California and New York — to migrate to more free states, like Georgia, Texas, Florida, and Tennessee. These states are far better positioned to weather an economic recession as well.”

Gwinnett Coalition celebrates work of Gwinnett Cares effort during COVID-19 pandemic

by Georgia Center for Opportunity | Jul 11, 2022

Gwinnett Coalition celebrates work of Gwinnett Cares effort during COVID-19 pandemic

Gwinnett community leaders recently came together to mark the accomplishments of the Gwinnett Cares effort during the COVID-19 pandemic.

Meanwhile, more than 10,000 people facing eviction and homelessness have been helped by HomeFirst Gwinnett and its partners, and $75 million has been spent to help more than 21,000 residents who faced the possibility of their utilities being disconnected. HomeFirst Gwinnett Director Matt Elder also highlighted the construction of 117 new affordable housing units. The Georgia Center for Opportunity’s Better Work Gwinnett program also worked to addressed unemployment, which spiked to about 15% during the pandemic but was eventually reduced to about 2.1%.

Read the full article here

Local Nonprofit Breaking Down Barriers to Poverty | Peachtree Corners Magazine

by Corey Burres | Jul 7, 2022

Local Nonprofit Breaking Down Barriers to Poverty | Peachtree Corners Magazine

With gas prices soaring and supply chain issues driving up consumer prices, it’s not hard to imagine more individuals are struggling to make ends meet. Complicate those issues with a lack of education, medical issues, trouble within the home or other barriers to success and you find some families hanging by a thread. Some find themselves homeless.

The Peachtree Corners-based Georgia Center for Opportunity (GCO) is working to break down those barriers to ensure everyone has access to a quality education, fulfilling work and a healthy family life.

Read the full article here