Inflation Surges as Energy Costs Rise and AI Reshapes Business
Inflation hit its highest level since 2023 as fuel prices climbed. Trump weighs a gas tax pause, hiring stayed solid, retail sales rose, and Cisco announced AI-driven job cuts.
Inflation Sees Highest Spike Since 2023
The war with Iran continues to wreak havoc on the U.S. inflation rate and with energy prices not only here, but around the world.
Statistics released by the Bureau of Labor Statistics shows U.S. inflation jumped to 3.8% in April over the last year. It’s the highest jump since 2023. Read Full Article
Trump Considering Suspending Federal Gas Tax
If President Donald Trump can get Congress to agree with him, Americans may see some relief in gas prices, though it’s uncertain when, for how long or how much relief.
Trump said earlier this week he’s planning on reducing the federal gas tax – currently set at 18 cents – as fuel prices continue to rise amid the Iran war. Read Full Article
U.S. Adds 115,000 Jobs; Unemployment Rate Holds
The U.S. job market had an unexpectedly solid month in April.
According to the Bureau of Labor Statistics, the U.S. economy added 115,000 jobs last month, and the unemployment rate – 4.3 percent – stayed right where it was. The results fueled speculation that the Federal Reserve will leave interest rates alone when next they meet. Read Full Article
Fueled By War’s Impact, Retail Sales Show April Rise
In a scene from “The West Wing,” the cast discussed the meaning of the saying, “post hoc ergo procter hoc” (which is Latin for “after this, therefore because of this”).
It is pointed out in the scene that the saying is hardly ever true. But it may apply in the case of the U.S. economy. Read Full Article
In Focusing On AI, Cisco to Cut Some 4,000 Jobs
Cisco announced Wednesday it would cut nearly 4,000 jobs as part of a restructuring aimed at shifting investment toward artificial intelligence and related growth areas, and raised its annual revenue forecast after a surge in hyperscaler orders.
Shares of the San Jose, California-based networking equipment maker rose 15% in extended trading, according to a report from Reuters. Read Full Article