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US inflation ticked up last month as some price pressures remain persistent
Court Watch |
2024/12/09 01:58
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Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated.
Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices increased 3.3%, the same as in the previous month. Measured month to month, prices climbed 0.3% from October to November, the biggest such increase since April. Core prices also rose 0.3% for a fourth straight month.
Wednesday’s inflation figures from the Labor Department are the final major piece of data that Federal Reserve officials will consider before they meet next week to decide on interest rates. The relatively mild November increase won’t likely be enough to discourage the officials from cutting their key rate by a quarter-point. The probability of a rate cut next week, as envisioned by Wall Street traders, rose to 98% after Wednesday’s inflation report was released, according to futures pricing tracked by CME FedWatch.
“It’s generally in the ballpark of what the Fed would like to see,” said Jason Pride, chief investment strategist at Glenmede, a wealth management firm. Though sharp increases for such items as groceries and hotel rooms increased overall inflation last month, those categories are often volatile. Pride noted that the cost of services, such as rents, car insurance, and airline fares, cooled in November.
Last week, Fed Chair Jerome Powell suggested that with the economy generally healthy, the Fed could reduce its key rate slowly.
“We’re not quite there on inflation, but we’re making progress,” Powell said. “We can afford to be a little more cautious.”
With the job market cooling, growth in Americans’ paychecks has slowed from a nearly 6% annual pace in 2022 to about 4% now, a rate nearly consistent with inflation at the Fed’s 2% target. Powell has said he doesn’t think the current job market is a driver of higher prices.
Randy Carr, CEO of World Emblem, a maker of patches, labels and badges for companies, universities and law enforcement agencies, said he is providing smaller wage increases, in the 3% to 5% range, than his company did during the height of inflation.
“Things have kind of leveled off,” he said.
Carr’s customers, which include the company that makes emblems for UPS uniforms, generally won’t accept price hikes much more than 2% a year. So World Emblem aims to offset the cost of its higher wages through greater efficiencies in manufacturing.
In September, the Fed slashed its benchmark rate, which affects many consumer and business loans, by a sizable half-point. It followed that move with a quarter-point rate cut in November. Those cuts lowered the central bank’s key rate to 4.6%, down from a four-decade high of 5.3%.
Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major source of public discontent that helped drive President-elect Donald Trump’s victory over Vice President Kamala Harris in November.
Grocery prices jumped last month, an uncomfortable reminder for consumers that food prices remain a big drag on households’ budgets. Beef prices leapt 3.1% just from October to November and are up 5% from a year earlier.
Egg prices, which have been volatile for more than two years, in part because of outbreaks of bird flu, soared 8.2% just last month. They are nearly 38% higher than a year ago.
Gas prices ticked up 0.6% from October to November, ending a string of declines. Still, gas is down more than 8% from a year earlier. Hotel prices leapt 3.2% from October to November and are 3.7% higher than a year ago.
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Romanian court orders a recount of presidential election first round
Court Watch |
2024/11/28 19:01
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A top Romanian court on Thursday asked the official electoral authority to recount and verify all of the ballots cast in the first round of the presidential election, which was won by a far-right outsider candidate, sending shockwaves through the political establishment.
The Constitutional Court in Bucharest approved the recounting of the more than 9.4 million ballots, and said its decision was final. The Central Election Bureau is expected to meet on Thursday afternoon to discuss the request.
Calin Georgescu, a little-known, far-right populist and independent candidate, won the first round, beating the incumbent prime minister. Georgescu was due to face reformist Elena Lasconi, the leader of the Save Romania Union party, in a Dec. 8. runoff.
Georgescu’s unexpected success has prompted nightly protests by people concerned with previous remarks he made in praising Romanian fascist and nationalist leaders and Russian President Vladimir Putin, and believe he poses a threat to democracy.
Without naming Georgescu, Romanian President Klaus Iohannis’ office said following a Supreme Council of National Defense meeting in Bucharest on Thursday that an analysis of documents revealed that “a presidential candidate benefited from massive exposure due to preferential treatment granted by the TikTok platform.”
Earlier this week, Romania’s National Audiovisual Council asked the European Commission to investigate TikTok’s role in the Nov. 24 vote. Pavel Popescu, the vice president of Romania’s media regulator Ancom, said he would request TikTok’s suspension in Romania if investigations find evidence of “manipulation of the electoral process.”
The vote recount was prompted by a complaint made by Cristian Terhes, a former presidential candidate of the Romanian National Conservative Party who garnered 1% of the vote. Terhes alleged that Lasconi’s party had urged people to vote before some diaspora polls had closed on Sunday, saying it violated electoral laws against campaign activities on polling day.
After Thursday’s court ruling, Terhes’ press office posted on Facebook that the court ordered the recount “due to indications of fraud,” and alleged that valid votes cast for Ludovic Orban — who had dropped out of the race but remained on the ballot — had been reassigned to Lasconi.
It is the first time in Romania’s 35-year post-communist history that the country’s most powerful party, the Social Democratic Party, did not have a candidate in the second round of a presidential race. Prime Minister Marcel Ciolacu resigned as party leader after he narrowly lost to Lasconi by just 2,740 votes. |
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PA high court orders counties not to count disputed ballots in US Senate race
Court Watch |
2024/11/18 14:22
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Pennsylvania’s state Supreme Court on Monday weighed in on a flashpoint amid ongoing vote counting in the U.S. Senate election between Democratic Sen. Bob Casey and Republican David McCormick, ordering counties not to count mail-in ballots that lack a correct handwritten date on the return envelope.
The order is a win for McCormick and a loss for Casey as the campaigns prepare for a statewide recount and press counties for favorable ballot-counting decisions while election workers are sorting through thousands of provisional ballots.
McCormick’s campaign called it a “massive setback” for Casey.
The Democratic-majority high court’s order reiterates the position it took previously that the ballots shouldn’t be counted in the election, a decision that Republicans say several Democratic-controlled counties nevertheless challenged.
In a statement, Gov. Josh Shapiro, a Democrat, said a lack of legal clarity had surrounded the ballots, putting county officials in a position where they were “damned if they did and damned if they didn’t — likely facing legal action no matter which decision they made on counting.”
It comes amid a gust of fresh litigation in recent days filed by both campaigns, contesting the decisions of about a dozen counties over whether or not to count thousands of provisional ballots.
Casey’s campaign says the provisional ballots shouldn’t be rejected for garden-variety errors, like a polling place worker forgetting to sign it. Republicans say the law is clear that the ballots must be discarded.
The Associated Press called the race for McCormick last week, concluding that not enough ballots remained to be counted in areas Casey was winning for him to take the lead.
As of Monday, McCormick led by about 17,000 votes out of almost 7 million ballots counted — inside the 0.5% margin threshold to trigger an automatic statewide recount under Pennsylvania law.
Statewide, the number of mail-in ballots with wrong or missing dates on the return envelope could be in the thousands.
Republicans last week asked the court to bar counties from counting the ballots, saying those decisions violate both the court’s recent orders and its precedent in upholding the requirement in state law that a voter write the date on their mail-in ballot’s return envelope. |
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Tight US House races in California as GOP maintains control over the chamber
Court Watch |
2024/11/14 15:01
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Republicans and Democrats awaited the outcome of vote-counting for crucial U.S. House districts in California on Wednesday, as the GOP clinched majority control of the chamber next year with a race call in neighboring Arizona.
In a rematch from 2022, Rep. Ken Calvert — the longest-serving Republican in the state’s congressional delegation — defeated rival Democrat Will Rollins in the 41st District, which lies east of Los Angeles and was a top target for national Democrats.
In Southern California’s Orange County, Democrat Dave Min defeated Republican Scott Baugh in a closely divided swing district, ending Baugh’s bid to seize the seat being vacated by Democratic Rep. Katie Porter in what was once a conservative stronghold.
The 47th District, southeast of Los Angeles, was a top target for national Republicans looking to protect and possibly expand the their narrow majority.
Calvert, who was backed by President-elect Donald Trump, claimed his 17th term in a district narrowly carried by Trump in 2020.
“This is a hard-fought victory that shows voters want someone who will put results above partisan politics,” Calvert said in a post on the social platform X.
Min, also posting on X, said that in Congress he will “fight to protect our democracy, safeguard our freedoms and expand economic opportunity.”
Baugh said on the same platform that “despite running a strong campaign … that effort is going to come up a little short.”
On Tuesday, Republican Rep. David Valadao’s victory in California’s 22nd District moved Republicans within two wins of retaining the House gavel, with the tally 216-207 in favor of the GOP, as counting continued in a sliver of races across the country.
With Calvert’s win, the Republican tally reached 217. That became 218 on Wednesday night, securing a majority margin, as Rep. Juan Ciscomani won reelection to a seat representing southeastern Arizona. Some squeaker races remained in play in California.
In the 45th District, anchored in Orange County, Republican Rep. Michelle Steel’s lead over Democrat Derek Tran was whittled down to a few hundred votes as counting continued.
California is known as a liberal protectorate — Democrats hold every statewide office, dominate the Legislature and congressional delegation and outnumber registered Republicans by a staggering 2-1 ratio. Still, Republicans retain pockets of political clout in the Southern California suburbs and vast rural stretches, including the Central Valley farm belt.
Orange County was once considered conservative holy ground, where white, suburban homeowners delivered winning margins for Republicans year after year. It was a foundational block in the Reagan revolution. But the county has become more demographically diverse and Democratic over time, like much of the state.
The 47th District, which includes Huntington Beach and other famous surf breaks, has been occupied by Porter, a progressive favorite who in 2022 narrowly defeated Baugh, a former Republican legislator. Porter, known for grilling CEOs during Capitol Hill hearings, stepped aside to run for U.S. Senate, but lost in the primary.
Given the stakes in the closely divided district, the contest was especially rancorous. Min ads called Baugh a “MAGA extremist” who would endanger abortion rights. Baugh said Min’s “extreme liberal views” were out of step with the district.
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