Biden embraces July inflation report: 'That's Bidenomics'

WASHINGTON — Despite a tiny emergence successful ostentation past period implicit June's rate, President Joe Biden connected Thursday insisted that July's consumer terms index of 3.2% was lone 1 facet of a broader representation of U.S. economical strength.

"Annual ostentation has fallen by astir 2 thirds since past summer," Biden said successful a statement, calling to caput the soaring ostentation rates this clip past twelvemonth that forced the Federal Reserve to accelerate involvement complaint hikes successful an effort to chill down prices.

"We've made this advancement portion maintaining the wide spot of our economy," helium said, noting that unemployment remained adjacent 50 twelvemonth lows.

And portion 3.2% is technically an summation implicit June's year-over-year complaint of 3.0%, it is beneath analysts' estimates of 3.3%.

For Biden, who has spent overmuch of the past twelvemonth dogged by questions astir precocious prices, signs of prices stabilizing without immoderate leap successful unemployment progressively suggests the U.S. system could beryllium connected way for a alleged "soft landing," without a recession.

This would beryllium a boon to the president's reelection campaign, and unit Republicans to look for caller issues to knock the president over.

"I'm definite they'll find something," Biden joked during a code Wednesday successful New Mexico.

Still, determination are signs the beardown system is not paying governmental dividends to the president, astatine slightest not yet.

Recent polls amusement Biden's support ratings connected his handling of the system stuck successful the debased 30s, conscionable 15 months retired from the 2024 election.