We begin this hour with new data from The bureau of labor inflation is up to Its highest level in four decades the Consumer price index climbed 0.6 percent In january this means the average cost Of goods has skyrocketed by seven and a Half percent from the same time last Year it's the highest level of inflation The u.s has experienced in 40 years the Latest numbers reinforce the federal Reserve's position to raise interest Rates in the near future not all the News is bad that's right 223 000 Americans filed first time unemployment Claims last week and that is down 16 000 From the previous week the decline Follows an unexpected spike in new Jobless claims in january during the Surge of omicron cases Cbs news senior white house Correspondent ed o'keefe joins us now For more on this hi ed great to see you So how is the white house responding to These latest inflation numbers they're Pretty high Yes they are and this is something They've been seeing over the last few Months so they were getting ready for This one uh the white house this morning Releasing a statement from the president That reads in part we've been using Every tool at our disposal and while Today's a reminder that americans Budgets are being stretched in ways to
Create real stress at the kitchen table There are also signs we're going to make It through this challenge the idea being Here that the white house in their view Has done everything it can Through its own economic policy but at This point it's going to have to be Forces beyond their control That take over Acknowledging that the federal reserve Especially has to now step in and if it Wants to Tweak the interest rate at all raise it Potentially to uh to try to offset this Inflation as the as the federal reserve Has seen what it plans to do Ed we're all feeling the cost spikes in Food gas what is the biden Administration's plan to combat these Rising costs of goods Well aides would say first of all that They're going to get out of the way of The federal reserve and say look if you Feel that's the need that that's what Needs to be done you got to raise the Rates go right ahead and do that beyond That they point to a few different Specific things that the president has Done in recent months to sort of uh you Know try to tackle these issues for one Thing the all of government response to Those Clogged ports if you will in los angeles And long beach the idea that federal
Resources and authorities were brought In to talk to those Port owners and to the unions to try to Get that Unclogged and get things delivered in Time for the holidays and beyond they Also point to for example the work that They're doing with the semiconductor Industry to try to get more of that Built in this country and then try to Work with congress to pass legislation To spur the development of Semiconductors given that they there is A short supply of them and that is Spiking the prices of the electronics And cars and Appliances that rely on computer chips To operate at this point the other one They point to is when they've been Talking about since last november or December they say look we notice that The meat industry has been consolidating Too much and that these big meat Producers are in essence buying up Smaller farms and driving up the prices Beyond inflation and so the agriculture Department is trying to work with that Industry to say you got to bring down The prices And that they're going to keep an eye on Consolidation in that industry in hopes That at least your grocery store or Sticker shock isn't as bad in the future So those are the sort of modest examples
They have of what they're trying to do But ultimately uh as economists will Tell you at this point it's pretty much In the hands of the federal reserve and Forces beyond government control but ed Is the white house you know preparing to Tout the good news first time jobless Claims dropped once again after Temporarily spiking in mid-january so Are these latest job numbers at a place The biden administration is now Comfortable with Yeah i mean if you look at for example The response to the january jobs report Which saw a slight uptick in the Unemployment rate but a boost in the Overall labor participation rate that to Them signals that more people are Getting back to work and companies are Preparing to hire this number now Signals that the hiring is definitely Happening because people are not Claiming unemployment which means they Must be finding work or maybe they've Given up but more likely economists say Right now it's that they are finding Work And so you know him here touting that The the jobless claim decline is a sign Of real progress made in getting the American economy back on track so a Little bit of column a little bit of Column b from here at the white house They understand inflation is a nagging
Concern And something they just can't do much About but they look at those jobs Numbers they look at ongoing economic Growth yes they also look at things like The strength of the stock market and say You know the economy is in pretty good Shape let's keep it going President biden is in virginia this Afternoon discussing the Administration's efforts to lower the Cost of health care what is he hoping to Achieve from this visit A few different things for one thing to Talk about the ongoing push by this Administration to lower health care Costs both by expanding accessibility to The affordable care act uh changes made To medicare through legislation that's Been passed already and of course the Changes he'd like to make if elements of What was once called his build back Better plan ever get passed but there's Some politics involved here too he's Gone right into a competitive house District in virginia represented by Abigail spanberger who's one of the most Vulnerable house democrats facing Re-election this year and he's taking With him his health and human services Secretary javier becerra who's been the Subject of some bruising headlines in Recent weeks amid concerns that he Perhaps isn't taking on as active or
Proactive a role in combating the Pandemic the white house has gone out of Its way in recent days to buoy him and Say no he's not going anywhere we're Proud of the work he's doing he spent Yesterday with the first lady today with The president
