The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store or gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses.Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you.US gas prices fall below $4 for 1st time since MarchU.S. gas prices fell below $4 a gallon on average Thursday, but just barely. It is the first time since March that the average cost for a regular gallon has been that low. Prices fell overnight after President Donald Trump signed an agreement with Iran that calls for Tehran to dilute its stockpile of highly enriched uranium and waives U.S.-backed sanctions on the country.Gas prices are at $3.999 on average in the U.S., according to motor club AAA. The drop below $4 follows a 15% decline in the price of U.S. crude this month.But fluctuations in gas prices remain across the country. In California, gas prices are averaging $5.64 per gallon, while in South Carolina it’s $3.58 per gallon.
Retail sales edge higher in MayShoppers increased their spending in May as temperatures warmed and gasoline prices cooled. Retail sales rose a better-than-expected 0.9%, up from a revised 0.4% gain in April, according to new Commerce Department data released Wednesday. Sales got a boost from generous government tax refunds in both April and May, though economists say that cushion is starting to fade. Excluding sales at gas stations, retail sales in May rose 0.7%. The data released Wednesday offers only a snapshot of consumer spending and doesn’t include activities like travel and hotel stays. The lone services category – restaurants – registered a 0.1% decline.
