US economy could be flirting with stagflation

Growth has been slowing, while inflation remains high and jobs market tight

Editor's note: As economic growth in the United States slows down and investors brace for another rate hike from the Federal Reserve, this page takes a closer look at the state of the US economy, which is facing growth stagnation, high inflation and a tight job market.

With the US economic growth slowing while inflation remains stubborn, talk has emerged of the dreaded condition known as stagflation.

The term stagflation is generally attributed to Iain Norman Macleod, a British Conservative Party politician who became chancellor of the exchequer in 1970. He used the word in a speech to Parliament in 1965 during a period of high inflation and unemployment in the UK.