GO in the Know: Inflation Soars, Mortgage Applications Drop & Top Financial News for June 10
Happy Friday, folks. Before you say TGIF one more time, take a minute to check out the lowdown on today’s top financial stories. With news like this, definitely TGIF!
The Big Lead: May Inflation Hits Highest Level Since 1981
Inflation continued to rise in May, and the data is worse than expected. The Consumer Price Index (CPI) released June 10 revealed the all-items index increased 8.6% for the 12 months ending in May, the largest 12-month increase since the period ending December 1981.
Economy Spotlight: Mortgage Applications Drop 6.5%
Mortgage applications sank to their lowest level since the turn of the century as the combination of rising mortgage rates, low housing inventory, skyrocketing inflation and historically high home prices sent many potential buyers to the sidelines.
Well That’s Interesting: Social Security Expansion Act
On June 9, several prominent senators introduced a bill that would expand Social Security benefits by $2,400 a year and fully fund it for the next 75 years past the year 2096, “all without raising taxes by one penny on over 93% of American households.”
Bonus: Social Security Quiz
Can you answer these six questions correctly?
ICYMI: Yesterday’s GO in the Know
More From GOBankingRates