Category: Economic News

Gas Prices Reach New Record Highs Ahead of Memorial Day Holiday

With the Memorial Day holiday weekend ahead, motorists are likely to be paying more to fill their tanks. According to the latest figures from GasBuddy, average gas prices hit new record highs this past week — marking the fifth week in a row that prices have climbed. The app's data (collected from more than 150,000 stations across the country) show an average price of $4.57 per gallon, which is up 11¢ from...

Survey: 64% of Credit Users Cite Inflation Among Top Money Concerns

Overall inflation in the United States continues to reach multi-decade highs. In fact, in March 2022, the Labor Department's Consumer Price Index recorded an 8.5% year-over-year increase, marking the largest annual gain since December 1981. As a result, consumers are feeling the pinch as prices on the goods they buy increase. Now, a survey of more than 1,200 credit card customers found that many are not only worried about the...

Inflation Reached 7.9% in February, Highest YOY Increase in 40 Years

American consumers who feel as though they're spending more and getting less these days aren't alone. In recent months, inflation has been a significant concern as prices on everyday items have steadily risen. Indeed, a new report shows inflation on the rise once again — and there are reasons to fear that things could climb even more. Today, the Bureau of Labor Statistics released its latest report, showing that the...

U.S. Average Gas Prices Hit Record High Amid War in Ukraine

On February 24th, Russia invaded the neighboring country of Ukraine. In response, nations around the globe have announced sanctions against Russia, with private companies also announcing they were pulling out of the nation. However, one industry that's heavily involved in the region is oil. Thus, as a result of the conflict, the price per barrel of oil has risen sharply. In turn, Americans are now seeing record high gas prices....

U.S. Economy Adds 467,000 Jobs in January, December Revised Upward

Today, the Bureau of Labor Statistics (BLS) released its January jobs, which included some major surprises. First, the latest report shows that the economy added 467,000 jobs during the month. This far exceeded the 150,000 economists had projected — with some even bracing for a negative number — due to the impacts of the Omicron variant. To that point, 7.8 million workers report that they missed time from work in...

Survey: Majority of Shoppers Plan to Make More Large Purchases in 2022

If there's been a theme for 2022 so far, it'd have to be "cautious optimism." After nearly two full years of pandemic life — including multiple setbacks — Americans now seem ready to get back to normal ASAP. Displaying that optimism once again, the latest survey from WalletHub shows that many consumers are now ready to make large purchases this year, including ones they'd previously put off. First, 54% of...

U.S. Economy Adds 199,000 Jobs in December 2021

When the ball dropped on 2021, the United States found itself holding a bit of a mixed bag. While there was reason to be optimistic and believe that 2022 will be better than its predecessor overall, a new twist in the pandemic threw a wrench in the plans of many. Now, a look at the current economy and job market is also decidedly mixed, simultaneously offering points of disappointment and...

U-Haul Data Shows Which States Americans are Migrating To

As 2022 gets underway, many are still reflecting on the past year and the trends it displayed — especially economic trends. On that note, well-known truck rental service U-Haul has just released its 2021 U-Haul Growth Index. Using data from more than two million one-way truck rentals, U-Haul can determine which states more Americans are moving to. In 2021, the state seeing the largest growth was Texas. The Lone Star...