Ron Insana: U.S. Economy Is in a ‘Mini Stagflationary Environment’ With Inflation and a Weakening Job Market

RUSH EXCERPT:

INSANA: “Alex said. And, you know, on top of that, you have the war in Iran that is keeping oil prices, gasoline prices higher than they would otherwise be, still hovering around $4 a gallon. We’re still in the middle of the summer driving season, and you have grocery prices that have yet to come down. And so really across the board, and I’ve been describing it this way for quite some time. We have a mini stagflationary environment. You’ve got inflation, generally speaking, even though today’s numbers are relatively benign with respect to the rate of inflation slowing a little bit, prices are still well above where they were a year ago, about 3.5% on average. And then you’ve also got, as you mentioned earlier, the job market starting to weaken. We saw a negative print last month. It’s possible we could see that again. And we could see further downward revisions in prior months.”