It's not the 1970s, but Biden and Congress face a significant challenge as prices are expected to rise at more than 6% annually.

Turnover is plaguing companies across the United States, with record-high quit rates in healthcare and retail.

The deceleration reflects growing fears about the Covid-19 delta variant and difficulties filling vacant positions. U.S. payrolls are still 5.3 million below their pre-pandemic level.

Core capital goods orders did not change in July, after increasing 1% in June.

U.S. core CPI rose 0.3% from June to July, led by increases in food, energy, shelter, and new vehicles.

Non-farm payrolls increased by 850,000 in June, bolstered by strong job gains in leisure and hospitality.

A surge in consumer spending, due to pent-up demand during the pandemic, is expected to give the economy a significant bump later this year.

How the end of federal aid programs will impact the economic recovery remains to be seen.