New data released by the U.S. Labor Department on Wednesday revealed that the Producer Price Index (PPI) rose in July by more than expected. The PPI is an indicator of wholesale inflation, and currently it is at its highest peak in the last six months, effectively lowering real wages, and consequently consumerism – this has increased worries among economists about the possibility of a double-dip recession. USA Today polled thirty nine economists, who put the chances of another downturn at 30% – twice as high as when they were polled three months earlier. But, corporate profits are robust – up 22% since 2007, even while the personal finances of most Americans are fragile. The current official unemployment rate of 9.1% shows little sign of improvement; 13.9 million Americans continue to look for work. Read more...Listen & Support Uprising Radio
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