Prices may be starting to fall, but economists are eyeing other worrying numbers, Tim Walz is defending his military career, and Laci Peterson’s murder case is back in the spotlight 20 years after her husband’s conviction.
Here’s what you need to know today:
Inflation is starting to subside
The high prices that have been straining consumers’ wallets since the pandemic began may finally be starting to come down. The Bureau of Labor Statistics will release its Consumer Price Index data for July this morning, and economists are predicting it will show a 3% increase over the 12-month period. That figure remains unchanged from June, but there are plenty of signs that a downward trend is likely to begin soon.
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Many companies have suggested they will cut prices or offer discounts in response to consumer spending cuts: Amazon’s CEO said the company is seeing a decline in average selling prices, while McDonald’s executives said the company would extend its $5 meal promotions.
Meanwhile, gasoline and food prices are already below the Federal Reserve’s 2% inflation target.
But even as concerns about rising prices are beginning to ease, a weakening job market has some economists worried.
Waltz defends his military record
Democratic vice presidential candidate Tim Walz defended his own military background at his first solo event of the campaign: “I firmly believe that we should never disparage someone else’s military background,” he said in a speech in Los Angeles.
Walz’s rival, Sen. J.D. Vance of Ohio, has led the attack on him. Republicans took issue with the Minnesota governor’s 2018 comments about carrying “weapons of war.” Walz never deployed to a combat zone during his 24 years of military service. Vance alleged that Walz lied about his military record, and Walz said he was wrong. Read the full story here.
More 2024 election coverage:
Walz will speak at two campaign receptions in Denver and Boston, Vance will speak in Michigan, and former President Donald Trump will hold a rally in Asheville, North Carolina. Follow our live blog for the latest updates on the campaign. With President Joe Biden dropping out of the 2024 presidential race, down-ballot Republicans in battleground states are pressuring Trump to pivot his message, writes NBC News chief political analyst Chuck Todd. And so far, he’s not listening. Read the full analysis. As a member of a black Greek organization called the “God’s Nine,” Vice President Kamala Harris has access to an untapped voting base. Trump’s plan to quell protests on college campuses is to “exile pro-Hamas extremists,” as the Republican platform states. But Trump and other Republicans ignore a key fact:
Ernesto is expected to develop into a hurricane
Tropical Storm Ernesto on August 13, 2024. NOAA/AFP via Getty Images
Schools and offices were closed today as the Caribbean island of Puerto Rico was hit by heavy rains from Tropical Storm Ernesto, which is strengthening in the Atlantic Ocean and is expected to become the season’s third hurricane later this morning.
Ernesto’s maximum sustained winds reached nearly 70 mph as of 5 a.m. Wednesday, far short of the 76 mph needed for hurricane classification, according to the NHC. Ernesto will continue to strengthen out of warm waters in the Atlantic and “may become a major hurricane over the next few days,” the NHC said.
A hurricane watch has been issued for the British Virgin Islands and a tropical storm watch has been issued for the U.S. Virgin Islands, Puerto Rico, Vieques and Culebra, all popular tourist islands. More information here.
Political Overview
Primary results: Minnesota Democratic Rep. Ilhan Omar beat off multiple challengers in her primary, a victory for the progressive “team” after two of her colleagues were defeated in primaries this summer, and Trump-backed businessman Eric Hovde won the Wisconsin Republican Senate primary, setting up a key battleground state challenger against Democratic Sen. Tammy Baldwin.
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Staff Pick: Laci Peterson case brings attention back to the forefront
Laci Peterson and Scott Peterson in an undated photo. Modesto Police Department, via Alamy
My fascination with true crime documentaries began in early 2003. There were no podcasts or Reddit threads, but the disappearance of Laci Peterson, a pregnant 27-year-old from California, captivated me and the nation instantly. Photos of Peterson’s beaming smile, all over TV shows and newspapers, have been burned into my mind for the better part of two decades. In a new Netflix series about her murder, we take a look back at this infamous case. — Chelsea Stahl, Artistic Director
NBC Select: Making Online Shopping Simple
Are you trying to eat healthy? Bringing your lunch to work can help. Check out the top lunch boxes, lunch bags and bento boxes for adults in terms of size, insulation and price. If you need help making quick, healthy meals at home, HelloFresh might be the answer. One of our NBC Select reporters tried out this meal kit delivery service for a week. Here’s what she thought:
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