Gas Prices Spike, Hitting Wallets & Economy
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Gas prices soaring, hitting wallets hard, and reshaping spending habits. Bank of America data reveals a 4.7% increase in total debit and card spending per household, but gas station sales surged by 21.4% with over 20% spikes on six out of eight days. Furniture, department stores, and home improvement retailers suffered as consumer sentiment plummeted to 58.4, the lowest since the 2008 crisis. GDP growth forecasts for 2026 were cut by 40 basis points, and jobless claims rose to 235,000 last week. Nikes earnings warning further highlights the gas shocks impact on the economy.
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