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.
President Joe Biden asserted Friday that Hamas has been degraded to a point where it can no longer carry out the type of attack that launched the current 8-month conflict in Gaza, laying out a three-phase proposal Israel has submitted to wind down the grinding crisis as he declared, “It’s time for this war to end.