Eating out less often, taking from 401(k)s, buying medication overseas, choosing cheaper products—Americans say they are feeling the pain of inflation.
Strong population growth and people re-entering the workforce was adding to labour supply and keeping wages grow at a pace consistent with taming inflation.
New revised GDP data show better-than-expected economic growth in fourth quarter 2023, but real-time GDP estimates for first quarter 2024 dropped sharply.