U.S. consumer prices shot up 8.2% in September, compared to a year earlier, according to the government's latest monthly consumer price index out today.
"The economic situation continues to deteriorate. We've had 8 consecutive quarters of real incomes declining for families in this country and that amounts to nearly a $5,000 paycut for families," said Joel Griffith with the Heritage Foundation.
The Dow Jones Industrial Average sank more than 1,250 points Tuesday, its steepest sell-off in more than two years after a government report showed that inflation is maintaining a surprisingly strong grip on the U.S. economy.
There's a new development that could affect American pocketbooks in a major way. It's a brewing railroad strike that would send shock waves through the economy if it's not averted.
Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in the coming months and is resolutely focused on taming the highest inflation in four decades.
The re-built Build Back Better Plan, now called the "Inflation Reduction Act," was signed into law Tuesday by President Biden, promising that inflation would eventually come down due to a combination of higher taxes, deficit reduction measures, and new revenue streams for green energy.
With inflation running out of control and higher prices squeezing family budgets, more Americans are turning to credit cards to bridge the gap. That's led to the biggest leap in credit card balances in 20 years.
A Commerce Department report out today shows the U.S. economy shrank from April to June for a second straight quarter. It contracted at a .9% annual pace, following a 1.6% drop in January through March.
Another month of surging prices has some economists worried about an impending recession. June's inflation report shows overall consumer prices rose 9.1 percent higher compared to a year ago.
Shares of Twitter slid more than 11% on the first day of trading after billionaire Elon Musk said he was abandoning his $44 billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.