The prices of gas, food, and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
It's the inflation you're not supposed to see. From toilet paper to yogurt and coffee to corn chips, manufacturers are quietly shrinking package sizes without lowering prices. It's dubbed "shrinkflation," and it's accelerating worldwide.
Sky-high inflation and economic uncertainty have some worried about their future and livelihood, and financial mentors say now is the time to learn how to invest and save wisely.
The Labor Department released its closely watched May jobs report Friday morning. It was better than some expected. But some analysts say it suggests that headwinds from the highest inflation in four decades, global supply chain issues, and increasing worker shortages are affecting the labor market.
High inflation rates and plenty of uncertainty about the state of the economy are sending chills through investors.
The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday - its most aggressive move since 2000 - and signaling further large rate hikes to come.
The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans' financial strains and likely weaken the economy.
Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the platform where he promotes his interests, attacks critics, and opines on social and economic issues to more than 83 million followers.
Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, and he's trying to negotiate an agreement with the company.
Soaring inflation is hitting Americans hard as energy costs rose 11% in March, and groceries jumped another 1.5%. Most of us don't remember inflation this bad, and for good reason. It's not been this severe since the 1980s.