Inflation Numbers Worse Than Expected
Instead of improving, inflation is still a major problem that threatens our economy and Americans’ livelihoods.
From CNBC. Stocks dropped on Friday morning after a highly anticipated inflation report showed a faster-than-expected rise in prices. . . .
The May consumer price index report came in at its highest level since 1981, putting pressure on the stock market. The report showed prices rising 8.6% year over year, and 6% when excluding food and energy prices. Economists surveyed by Dow Jones were expecting year over year increases of 8.3% for the main index and 5.9% for the core index. . . .
The sell-off was broad, with nearly every member of the 30-stock Dow in the red. Apple dropped 2.9%, while Microsoft and Dow, Inc. fell more than 3%. . . .
Elsewhere, the preliminary June reading for the University of Michigan consumer sentiment index came in well below expectations.
How are you praying for the economy? Have you been affected?
(Excerpt from CNBC. Photo Credit: Canva Pro.)
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