Bankrate
Coverage of Bankrate in the Nexus archive.
- The economy keeps adding jobs. Many job seekers still feel stuck.
The US job market shows revived strength with robust job growth, but challenges like inflation outpacing wages and rising long-term unemployment persist. Major tech layoffs are a small part of the broader job market, which is seeing growth across sectors like leisure, hospitality, and healthcare.
- Inflation surpassed 4% for the first time since 2023
The U.S. annual inflation rate rose to 4.2% in May, the highest since April 2023, with energy prices surging 23.5% year-over-year. Inflation outpaced wage growth for the second consecutive month, leading to declining real earnings and financial strain on middle-income households. Experts attribute persistent inflation to supply chain disruptions in the Middle East and note a 'bifurcated' consumer spending pattern across income groups.
- "It's amazing how resilient consumer spending has been" amid the war, analyst says
The national average gas price has risen to $4.30 per gallon, the highest in four years, as President Trump claimed prices will drop when the Iran war ends. Ted Rossman, a Bankrate analyst, discusses the resilience of consumer spending amid the conflict.
- Mortgage rates linger below 7 percent after reaching four-week low
Mortgage rates remain below 7 percent following a four-week low, with the 30-year rate at 6.36% and the 15-year rate at 5.73% according to Bankrate. This comes after a February drop below 6% for 30-year mortgages.