Ohio Has Grown into a Globally Recognized R&D Hub
September 27, 2022
U.S. INSIGHTS
The Federal Reserve raised the federal funds rate by another 75 basis points and projected a more aggressive path ahead as it adjusts policy to combat high inflation. FOMC officials now estimate the unemployment rate to rise to 4.4% in 2023 from its current level of 3.7%. Additionally, they estimate GDP growth to slow to 0.2% for 2022, a decrease from the 1.7% estimate provided in June. The Consumer Price Index (CPI) increased 0.1% in August and 8.3% over the past year. Core CPI rose 0.6% during the month to a 6.3% annual rate, the highest level since April. The Producer Price Index (PPI) declined 0.1% in August, in line with expectations. Core PPI increased 0.2% during the month and is up 7.3% YoY.
