A new CNN poll shows that 69% of Americans say things in the country today are going badly. It also found that 54% of people disapprove of the way President Biden has handled his role. In other news, the producer price index for final demand jumped 8.3% year over year, according to the Labor Department. It was the reading’s fifth straight consecutive gain.
CNN Politics/Jennifer Agiesta and Ariel Edwards-Levy, CNN
Americans turn pessimistic amid concerns over economy and coronavirus
The tentatively positive public outlook that marked the first months of the Biden administration has faded, according to a new CNN poll conducted by SSRS. The survey, released Friday, finds a rising share of Americans who say things in the US are going badly and that the economy is in poor shape, with increased worries about the coronavirus, the economy and crime.
The new poll finds 69% of Americans say things in the country today are going badly, below the pandemic-era high of 77% reached in January just before President Joe Biden took office but well above the 60% who felt that way in a March CNN poll.
And 62% say that economic conditions in the US are poor, up from 45% in April and nearly as high as the pandemic-era peak of 65% reached in May 2020.
The survey, which was conducted using a different methodology than prior CNN polling, was conducted mostly online and over about a month-long period.
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Fox Business/Jonathan Garber
Producer prices surge 8.3% annually, fifth straight record gain
Producer prices climbed at the fastest annual pace on record for the fifth consecutive month in August as supply-chain disruptions and materials shortages continued to put upward pressure on costs.
The producer price index for final demand jumped 8.3% year over year, according to the Labor Department. The reading was hotter than the 8.2% increase that analysts surveyed by Refinitiv were expecting and above the 7.8% print recorded in July. The reading was the strongest since recordkeeping began in November 2010.
Producer prices rose 0.7% in August, slowing from the 1% increase the month prior. Economists were anticipating a 0.6% gain.
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Producer inflation accelerated in August, as wholesale prices rose record 8.3% from a year ago
Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, the Labor Department reported Friday.
The producer price index rose 0.7% for the month, above the 0.6% Dow Jones estimate though below the 1% increase in July.
On a year-over-year basis, the gauge rose 8.3%, which is the biggest annual increase since records have been kept going back to November 2010. That came following a 7.8% move higher in July, which also set a record.
The data comes amid heightened inflation fears fed by supply chain issues, a shortage of various consumer and producer goods and heightened demand related to the Covid-19 pandemic. Federal Reserve officials expect inflationary pressures to ease through the year, but they have remained stubbornly persistent, with Friday’s numbers indicating that the trend likely will continue.
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