American consumers faced a third straight monthly surge in prices in June, the latest evidence that a rapid reopening of the economy is fueling pent-up spending for goods and services that in many cases remain in short supply.
This week's report from the Labor Department showed that consumer prices in June rose 0.9% from May and 5.4% over the past year — the sharpest 12-month inflation spike since June 2008. Excluding volatile oil and gas prices, so-called core inflation rose 4.5% in the past year, the largest increase since November 1991.
The pickup in inflation, which largely stems from the economy's rapid recovery from the pandemic recession, has heightened concerns that the Federal Reserve might feel compelled to begin withdrawing its low-interest rate policies earlier than expected.
Federal Reserve Chair Jerome Powell says that inflation “will likely remain elevated in coming months" before “moderating,” an apparent acknowledgement that price gains have been larger and more persistent than many economists forecast.
Republican Kenneth Paschal easily defeated Democrat Sheridan Black in a special election for the Alabama House of Representatives in District 73 Tuesday.
According to unofficial results from the Alabama Secretary of State's Office, Paschal won with 75.26% of the vote.
Paschal, who will assume office once the vote is certified, becomes the first Black Republican lawmaker in Alabama since Reconstruction.
"The voters of District 73 didn’t choose me because of the color of my skin. They got to know me. They saw a God-fearing man of integrity who values and defends our Constitution. But I do recognize the historical significance of what happened today. I hope to be an example to all Alabamians that the Republican Party is open to everyone who shares a belief in freedom, self-reliance, fiscal responsibility, and opportunity for all,” Paschal said.
One million Alabamians depend on reliable, affordable, innovative public power.
Public utilities employ 93,000 people in local jobs across the U.S.
Revenues from public power utilities go back into the community.
2,000 communities large and small across the U.S. trust public power.
To learn more about AMEA and public power, visitwww.AMEA.com.
3. Weaver wins
April Weaver won the special election for Senate District 14 on Tuesday night, beating Democratic challenger Virginia Applebaum.
Weaver, a former Alabama House member, received 80% of the vote with 6,231 votes cast for her, according to unofficial results from the Secretary of State.
“I am honored that the people of District 14 have placed their trust in me to be their voice of representation in the Senate,” Weaver said in a statement. “I pledge to put their interests at the forefront of my work each day while also fighting for and preserving our conservative rights and freedoms. As a lifelong resident of this district, I know the people and the communities, and I will work my hardest to enhance their quality of life and see that our district is positioned to flourish.”
Weaver's win makes her the first Republican woman to serve in the Senate since 2010.
Prattville City Council President Jerry Starnes announced his campaign for the Republican nomination for House District 88 on Tuesday making him the second primary challenger to the current occupant of the seat, State Rep. Will Dismukes.
Starnes works as a probation and parole district manager for the Alabama Bureau of Pardons and Paroles. He's also a lieutenant colonel in the Alabama National Guard.
Starnes is a graduate of Prattville High School and Troy University and bills himself as a lifelong conservative Republican.
The race for House District 88 is setting up to be one of the most competitive legislative races of 2022, with three GOP candidates already announced.
Dismukes, R-Prattville, easily won the open seat in 2018 but has faced multiple controversies in his first four years of office.
Josh Pendergrass, a lawyer, pastor and former communications director for Gov. Kay Ivey, has also announced that he will be challenging Dismukes for the Republican nomination.
Senate Democrats announced late Tuesday that they'd reached a budget agreement envisioning spending an enormous $3.5 trillion over the coming decade, paving the way for their drive to pour federal resources into climate change, health care and family-service programs sought by President Joe Biden.
The Democrats' goal is to push a budget resolution reflecting Tuesday's agreement through the House and Senate before lawmakers leave for their August recess. The resolution sets only broad spending and revenue parameters, leaving the actual funding and specific decisions about which programs are affected — and by exactly how much — for later legislation.
Separately Tuesday, a bipartisan group of senators continued working on a third measure that would spend around $1 trillion on roads, water systems and other infrastructure projects, another Biden priority. Biden and 10 senators — five from each party — had agreed to an outline of that compromise measure last month, and bargainers have worked ever since to flesh it out.
In discussing the budget agreement, Schumer and other lawmakers did not respond when asked if they had the support of all 50 Democratic senators, which they will need to succeed. They also have virtually no margin for error in the House, where they will be able to lose no more than three Democratic votes and still prevail.