WASHINGTON – A White House economist said gas prices in Florida have gone down by almost $1.99, and Florida has a relatively low unemployment rate of just 2.8%.
Heather Boushey, the president of the White House Council of Economic Advisors, said these are some of the indicators that keep her optimistic about the state of the economy.
The Federal Reserve reported Friday that a key inflation gauge increased by 6.8% in June. It was the highest increase in four decades.
“We knew that June’s inflation was relatively high. We also know that there are some really important economic conditions that have changed since June,” Boushey said.
The national indicators are concerning as the prices for food and rent continue to increase in South Florida. The Biden administration is focused on reducing inflation, Boushey said.
The Federal Reserve raised rates by three-quarters of a point on Wednesday to help fight inflation.
Employees’ wages increased by 1.6% during the April-June quarter and consumer spending increased by 0.1% from May to June. But the gross domestic product report showed the economy shrank at an annual rate of 0.9%.
“We continue to see a strong job market,” Boushey said.
Biden’s administration also has high hopes for the “Inflation Reduction Act of 2022,” which includes reductions in drug pricing. And although economists have not agreed that the U.S. is in a recession, the Republican National Committee declared Americans are experiencing “Biden’s Recession.”
“The president’s biggest priority is cutting costs for families,” White House press secretary Karine Jean-Pierre said.
Torres contributed to this report from Miami.