The U.S. economy is slowing all right, but it might still be strong enough to keep inflation high and make it harder to avoid a recession.
The economy is slowing all right, but oddly, it might still be too strong to get inflation to fall much faster and help the U.S. avoid recession.
To achieve its goal, the Fed has jacked up a key U.S. interest rate above 5% from near zero over the past 15 months. Higher borrowing costs slow the economy by reducing consumer spending and business investment. The popular retailer sells many expensive goods such electric tools and appliances and provides the materials needed for many major home projects. These are the sorts of purchases Americans are putting on hold.
Steady demand for new cars and trucks, in turn, has spurred automakers to ramp up, especially with shortages of key parts continuing to ease. U.S. industrial production rose 0.5% in April after stalling out for two months, mostly because of the auto industry.
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