First on CNN: Record-high gas prices are eating into Americans' spending, JPMorgan says
CNN
Pain at the pump may be forcing Americans to cut spending elsewhere.
In a report shared first with CNN, JPMorgan analyzed Chase card spending data and estimated that the 20% spike in gas prices since the war in Ukraine began is lowering non-gas consumption by about $9.6 billion a month.
"Despite the buffer of excess savings, elevated gas prices nevertheless appear to be weighing on real consumption," JPMorgan US economist Peter McCrory wrote in the report.
A suspect has been arrested after a fire tore through Beth Israel, the only synagogue in Jackson, Mississippi, on Saturday, leaving the congregation forced to rebuild from the ashes — again.
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