Fed offers mixed look on Memphis economy
According to the Fed, overall labor market conditions remain tight, with contacts across the Eighth District reporting that workers remain scarce.
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According to the Fed, overall labor market conditions remain tight, with contacts across the Eighth District reporting that workers remain scarce.
Interest rates on things like consumer debt are likely to rise following the Fed’s decision, which could put a strain on an economy already fighting decades-high inflation.
June’s inflation rate jumped up 5.4% from the same time in 2020 and that has economists examining the causes and predicting what may lie ahead. Meantime, consumers with discretionary wealth continue to buy ‘optional’ items, but those with tighter budgets feel the pinch at the grocery store.
Home sales and construction activity were among the brightest spots in economic activity in the Federal Reserve District that includes Memphis.
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