00:00Prices are still going up, hiring has nearly stopped,
00:03and on October 28th, the Fed decides
00:05whether borrowing gets more expensive, too.
00:07Here's what's happening.
00:08Let's start with your grocery bill.
00:10On Wednesday, the Commerce Department said
00:11prices rose less than economists expected.
00:14Sounds like good news, but slower inflation
00:16doesn't actually mean cheaper anything.
00:18Prices that already went up are staying that way.
00:21Over the past year, they're up 3.4% above the Fed's 2% goal,
00:25and the number the Fed watches for the long-term trend
00:28leaves out food and gas.
00:29And then there's your job.
00:31The Labor Department said the U.S. added 29,000 jobs last month.
00:35Economists were expecting 90,000.
00:37Companies aren't laying people off, but they also aren't hiring.
00:40So if you're looking for work or had hoped to switch jobs,
00:43there's just less out there.
00:45And that's what the Fed is trying to deal with.
00:47Last month, it raised interest rates for the first time
00:49in three years to fight inflation.
00:51Raise them again, and new mortgages, car loans,
00:54and credit cards cost more.
00:55The problem is that higher rates also slow hiring even more.
00:59New York Fed President John Williams said this week
01:02there's no urgency to raise again,
01:04but Fed officials signaled in September
01:05they might raise one more time this year.
01:08They meet twice more this month and in December,
01:10so if you're carrying a credit card balance
01:12or shopping for a car or home,
01:14October 28th is the date to watch.
01:16And the full breakdown is on our app and website.
01:18So which is hitting you harder right now,
01:19prices or the job market?
01:21Let us know in the comments,
01:22and follow us here for more.
