According to a survey conducted between July 9 and July 11, 2022, ** percent of Americans thought that Joe Biden was highly responsible for the current trend in the inflation rate. This is compared to ** percent of Americans who said President Biden did not have a lot of responsibility for the current inflation rate.

Inflation in the U.S. Global events in 2022 had a significant impact on the United States. Inflation rose from *** percent in January 2021 to *** percent in June 2022. Significantly higher prices of basic goods led to increased concern over the state of the economy, and the ability to cover increasing monthly costs with the same income. Low interest rates, COVID-19-related supply constraints, corporate profiteering, and strong consumer spending had already put pressure on prices before Russia’s invasion of Ukraine in February 2022. Despite rising wages on paper, the rapid growth of consumer prices resulted in an overall decline in real hourly earnings in the first half of 2022.

How much control does Joe Biden have over inflation? The bulk of economic performance and the inflation rate is determined by factors outside the President’s direct control, but U.S. presidents are often held accountable for it. Some of those factors are market forces, private business, productivity growth, the state of the global economy, and policies of the Federal Reserve. Although high-spending decisions such as the 2021 COVID-19 relief bill may have contributed to rising inflation rates, the bill has been seen by economists as a necessary intervention for preventing a recession at the time, as well as being of significant importance to low-income workers impacted by the pandemic.

The most important tool for curbing inflation and controlling the U.S. economy is the Federal Reserve. The Reserve has the ability to set, raise, and lower interest rates and determine the wider monetary policy for the United States – something out of the president’s control. In June 2022, the Reserve announced it would raise interest rates **** percent for the second time that year – hoisting the rate to a target range of **** to *** percent – in an attempt to slow consumer demand and balance demand with supply. However, it can often take time before the impacts of interventions by the Federal Reserve are seen in the public’s day-to-day lives. Most economists expect this wave of inflation to pass in a year to 18 months.

Inflation Rate in the United States remained unchanged at 2.70 percent in July. This dataset provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This industry consists of various noncommercial building construction markets, mainly healthcare, educational, religious, governmental and recreational facilities. Government funding accounts for almost all educational and public building construction, while the private sector funds most healthcare and religious constructions. Local and state government investment has grown over the past five years, while the federal government has passed record levels of infrastructure spending, benefitting the industry. Still, interest rate hikes have raised the cost of capital, driving down demand for big projects in recent years. Revenue has grown at an expected five year CAGR of 1.1% to reach $273.0 in 2025, when revenue is set to grow 1.4% as government investment has rebounded and the Federal Reserve has begun cutting interest rates but the second Trump administration has disrupted some spending. Contractors received support from surging demand for industry-relevant healthcare construction in the years following the COVID-19 pandemic. Still second to education, the healthcare market has grown as a share of industry revenue over the past five years. The industry as a whole has made price based gains as the price of key inputs, like cement, steel and oil, increased significantly over 2021 and 2022 due to supply chain disruptions which followed the pandemic. Along with rising wage costs, this has put downward pressure on average industry profit. As construction material prices have fallen slightly from their May 2022 peak, contractors have been able to expand average profit slightly, though average industry profit has still fallen overall over the past five years. Contractors would benefit from declining interest rates through the outlook period. Companies will benefit from more contract availability, especially as local and state government investment continues to climb. The second Trump administration has targeted Biden-era spending bills, like the Infrastructure Investment and Jobs Act, threatening public spending on municipal building construction, though some spending pauses have been legally challenged. High tariffs threaten to drive up materials costs. Still, revenue is set to climb at a CAGR of 1.5% to reach $294.6 billion in 2030.