With inflation soaring and the fear of a recession hanging in the balance, Americans are living in a season of unknown. High price increases on everyday goods are limiting the purchasing power of average citizens.
Nearing 9%, the U.S. inflation rate has more than doubled in the last year; from 4.2% in April 2021 to 8.6% in May 2022. Reaching the highest level of inflation since 1980, over 40 years ago.
Rates of inflation are published monthly by the United States Department of Labor Bureau of Labor Statistics. The inflation rate is calculated using the consumer price index (CPI). Learn the difference between inflation and CPI, here.
In May, the Bureau of Economic Analysis published a Gross Domestic Product (GDP) decrease of 1.5% year-over-year. The decrease is credited to federal, state, and local spending, exports, and private inventory investments. As well as, an increase in imports which contributes to the calculation.
Talk of a recession continues to swirl among economists and citizens alike as the United States Federal Reserve continues to increase interest rates in an attempt to rein in inflation. A recent 75 basis point increase is the largest uptick since 1994. Higher interest rates result in more costly car and mortgage payments, as well as less business borrowing. The increase in expenses results in less demand, allowing supply to level out.
Caused by the housing market crash, most Americans recall the last recession in 2008. Commonly referred to as the Great Recession, the economic fall between 2007 and 2009 was the largest decline in history second to the Great Depression.
Government agencies are not immune to the levels of inflation. In July 2022, the United States Postal Service (USPS) will increase its rates for the second time this year. In a press release on June 15, 2022, USPS stated, “As inflation and increased operating expenses continue, these price adjustments will help with the implementation of the Delivering for America plan, including a $40 billion investment in core Postal Service infrastructure over the next ten years.” See how much you can save on each letter you send with Certified Mail Labels.
Regardless of recent economic activity, Americans still have bills to pay, businesses to run, and lives to live. In all of which Certified Mail® plays a key role. For families with debt piling up, Certified Mail aids when mailing cancelation notices or account disputes. For businesses with clients to serve, Certified Mail offers peace of mind and shows due diligence when sending compliance mail.
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