Households are now spending an estimated $5,000 a year on gasoline
U.S. households are now spending the equivalent of $5,000 a year on gasoline, up from $2,800 a year ago, according to Yardeni Research.
U.S. households are now spending the equivalent of $5,000 a year on gasoline, up from $2,800 a year ago, according to Yardeni Research.
The Conference Board measure of CEO sentiment showed that 57% expect the economy to sustain a "very short, mild recession."
California's state average for a gallon of gas hit a record above $6.
Retail sales were expected to rise 1% in April, according to Dow Jones estimates.
Fed Chairman Jerome Powell said he will back interest rate increases until prices start falling back toward a healthy level.
Fed Governor Christopher Waller pledged that the rate-setting group wouldn't make the same mistakes on inflation that it did in the 1970s.
April's consumer price index may show inflation has reached its height.
Private payrolls increased by just 247,000 for the month, well below the 390,000 Dow Jones estimate.
Total mortgage application volume rose 2.5% for the week ended April 29 compared with the previous week, according to the MBA's seasonally adjusted index.