Wednesday the government will tell us how much prices changed year over year in July. Inflation was an alarming 9.1% in June.
While consumers cut back on goods spending, spending on services jumped.
After reaching a record high of nearly 34% early in the pandemic, the savings rate has dipped below its pre-pandemic level.
People want to get outside and do stuff, not just buy stuff. That's reflected in surging travel bookings — and airfare.
But they'll shift back when goods they want — like cars — become available.
Customers are coming back to businesses like restaurants and day spas, but with costs going up, how much should businesses charge?
The services sector has been feeling the pinch of higher costs, particularly when it comes to wages.
When conditions leading to inflation ease, don't get your hopes up that prices will go the other way.
IHS Markit's Purchasing Managers' Indexes for services and manufacturing are a mixed bag.
The numbers are a snapshot of March, when many Americans were spending freshly received stimulus checks.