GO in the Know: April Inflation Data, Small Business Sentiment & Top Financial News for May 11
Inflation is still near a 40-year high, but it also may be showing signs of slowing. It’s a classic case of “glass half full or half empty.” Either way, GOBankingRates is staying steady with the lowdown on today’s top financial stories.
The Big Lead: April Inflation
The Consumer Price Index (CPI) indicates that inflation is slowing, but just slightly. The CPI rose 8.3% year-over-year in April, not seasonally adjusted, compared to historic increases in February and March 2022. As you may recall, March’s 8.5% increase was the greatest increase since December 1981.
Small Business Spotlight: Optimism Remains Low, Inflation Concerns High
Small business sentiment did not improve in April, with inflation continuing to be a major problem. Indeed, 32% of small business owners reported it’s their single most important problem in operating their business, the highest reading since the fourth quarter of 1980.
Interesting: Consumers Are More Secure With Personal Debt Levels Than US Economy at Large
With inflation at historic highs and interest rates continuing to rise, plus exploding food and gas prices, it’s not surprising that Americans’ faith in the economy is waning. However, a new CivicScience survey found that half of Americans are comfortable with the amount of debt they have despite these shortfalls.
Bonus: The Overall Impact of SNAP Benefits on the Economy
The primary purpose of SNAP is to help the most vulnerable households stave off food insecurity, but a monthly injection of billions of federal dollars benefits the entire economy — especially when the economy is moving in the wrong direction.
ICYMI: Yesterday’s GO in the Know
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