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Inflation rises as gas prices surge, while U.S. economy shows mixed signals
Gasoline prices hit multi-year highs and helped push core inflation higher, while the Commerce Department said consumer prices rose 3.5% from a year earlier.
- Inflation jumped 3.5% in March, the largest increase in nearly three years, as gasoline prices rocketed to $4.39 per gallon, the Federal Reserve said, citing the Iran war as a key driver pushing up living costs.
- Rebounding from last fall's 43-day federal government shutdown, the U.S. economy grew at a 2% pace from January through March, the Commerce Department reported Thursday. Government spending and investment surged at a 9.3% annual rate.
- Jobless aid applications fell by 26,000 to 189,000 last week, marking the lowest level in more than 50 years, the Labor Department reported Thursday. The Conference Board said consumer confidence edged up to 92.8 in April.
- Borrowing costs for homebuyers increased as the benchmark 30-year fixed rate mortgage rose to 6.3% from 6.23% last week, mortgage buyer Freddie Mac said Thursday. This ends a three-week slide.
- Markets ended the week at record highs as Apple and other Big Tech companies posted strong earnings; the S&P 500, the Dow Jones Industrial Average, and the Nasdaq composite all finished higher Friday.
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Associated Press News+13 Reposted by 13 other sources
America In Focus: Inflation jumps and gas soars but American consumers seemed to take it in stride
A key inflation measure jumped in March as gas prices soared, the latest sign that the Iran war is pushing up the cost of living and delaying any interest rate cuts by the Federal Reserve.
·United States
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U.S. PCE Inflation Index Coming-in at 3.5% Marks a Shift in Macroeconomic Stability
Latest Personal Consumption Expenditures (PCE) inflation reading, coming in at 3.5%, marks a notable shift in the macroeconomic landscape, reaching its highest level since August 2023. This development carries significant implications for monetary policy, financial markets, and the broader trajectory of economic growth. As the Federal Reserve’s preferred gauge of inflation, the PCE index holds […] The post U.S. PCE Inflation Index Coming-in at 3…
Coverage Details
Total News Sources15
Leaning Left5Leaning Right2Center7Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 36%
C 50%
14%
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