By Nathalie Voit The pace of inflation exceeded market expectations in June, hitting a new 40-year high. According to newly released data from the Department of Labor, consumer prices surged 9.1% year-over-year last month. This was the hottest reading since November 1981 and significantly higher than the general Dow Jones consensus, which placed the annual inflation rate [...]
By Nathalie Voit Walmart is teaming up with electric vehicle (EV) maker Canoo to deliver online orders for its growing e-commerce business in a sustainable way, the retailer said in a press release posted to its website on July 12. According to the announcement, Walmart signed a deal to acquire 4,500 of Canoo’s fully-electric delivery fleet, beginning [...]
By Nathalie Voit A newly released survey from MagnifyMoney found that most Americans believe the U.S. economy is headed for a recession–and most are not ready for it. The poll results, published on July 11, showed that seven in 10 survey participants believe a recession is inevitable. Most participants predict an economic downturn within the next six [...]
By Nathalie Voit Home affordability plunged to its lowest level since July 2006 as mortgage rates nearly doubled since the start of the year. According to the National Association of Realtors (NAR) Housing Affordability Index, housing affordability tumbled to 102.5 in May. This was the lowest reading since July 2006, when affordability sank to 100.5 at [...]
By Nathalie Voit Americans are reneging on plans to buy a home at the highest rate since the start of the COVID-19 pandemic, real estate brokerage Redfin said in a press release published on July 11. The number of new home-purchase agreements that fell through nationwide rose to 60,000 in June, or just under 15%. Redfin said [...]
By Nathalie Voit A new survey released by the Federal Reserve Bank of New York on July 11 showed U.S. households’ short-term inflation expectations hit a new record high in June. According to the New York Fed’s June 2022 Survey of Consumer Expectations, median inflation expectations at the one-year horizon rose to 6.8% from 6.6% in [...]
By Nathalie Voit The national average gas price fell 12 cents over the week on July 11 even as demand for gasoline kept rising. According to data from auto club AAA, the U.S. average for a gallon of regular gas tumbled to $4.68 at the start of the week. Pump prices declined despite growing demand from U.S. [...]
By Nathalie Voit Amazon Prime members can now score free food deliveries from Grubhub as part of a new deal between Amazon and Grubhub made public on July 6. According to a press release issued by the food delivery giant on Wednesday, Amazon Prime subscribers can sign up for a free one-year Grubhub+ membership, which includes unlimited [...]
By Nathalie Voit The Consumer Financial Protection Bureau (CFPB) is cracking down on “pay-to-pay” fees, additional fees which debt collectors will often charge consumers for accepting a particular type of payment. Also referred to as “convenience fees,” the consumer watchdog agency told the general public that most of these fees are often illegal in an advisory [...]
By Nathalie Voit Oil prices fell below $100 a barrel on July 5 amid fears of an incoming recession. After tumbling 8.24% to settle at $99.50 a barrel on end-of-day trading Tuesday, North American oil standard West Texas Intermediate (WTI) is trading at about the same price as of July 7 around 7:30 a.m. ET. The contract [...]
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