Last week’s economic news included readings on inflation, job openings, and weekly reports on jobless claims and mortgage rates.
Inflation Rate Slows in August
After posting 0.60 percent growth for each month in June and July, the Consumer Price Index rose by 0.40 percent in August. These growth rates offset declines in inflation during the first three months of the COVID-19 pandemic. Used vehicle prices increased after deep discounts offered when the pandemic started; analysts said that rising prices for used vehicles offset losses in previous months and produced low inflation for August.
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