U.S. Economy: Consumer Prices Climb, Manufacturing Falters: Aug. 18 (Bloomberg) -- The cost of living in the U.S. climbed more than forecast in July, which could make it harder for Federal Reserve Chairman Ben S. Bernanke to convince colleagues to immediately act to spur growth after manufacturing in the Philadelphia region plunged in August.
The consumer-price index increased 0.5 percent from June, more than twice the 0.2 percent median forecast of economists surveyed by Bloomberg News, figures from the Labor Department showed today in Washington. The Philadelphia Fed's general economic index dropped to minus 30.7 this month, the lowest since March 2009, when the economy was in a recession.
Stocks slumped and gold prices soared to a record as the data showed the world's largest economy was in danger of shrinking even as inflation picked up.
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