Ex-Treasury chief Larry Summers says it’s still too early to declare victory on inflation

• Former Treasury Secretary Larry Summers said the jobs data suggests inflation could see a rebound.
• July’s jobs report showed an unexpected drop in the unemployment rate and a gain in average hourly earnings.
• “If you look at wage inflation, it was faster for the month than for the quarter, faster for the quarter than for the year.”

Former Treasury Secretary Larry Summers still sees a path forward for the US to avoid a recession, but he said the July jobs report suggests the war with inflation isn’t over yet. 

“I don’t think we can yet be confident that we’re not going to see a real acceleration of inflation at some point down the road,” Summers told Bloomberg TV on Friday, shortly after the labor market data published.