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https://www.wsj.com/articles/u-s-households-lifting-economy-after-being-stung-by-climbing-prices-last-year-228f0bc

U.S. Households Lifting Economy After Being Stung by Inflation Last Year

Wage gains, state tax cuts and cost-of-living adjustments are boosting disposable income

No one indicator can tell us if the U.S. is in a recession. Instead, a group of people called the Business Cycle Dating Committee makes the call. Here’s a look at how this group determines when the economy has entered a recession. Illustration: Jacob Reynolds
By Jon Hilsenrath
, Harriet Torry
 and Sam Goldfarb

Fresh figures on jobs and prices drove the economy’s surprising vigor this year, joining rising household incomes, consumer resilience and other data that have persuaded investors the Federal Reserve’s battle against inflation is likely to be a longer one than they hoped.

Layoffs remained historically low last week while supplier prices increased in the year through January by 6%, faster than expected but down from 6.5% in December, the Labor Department said Thursday.

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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.