Surging inflation will cost millions of Americans more than $3,000 in additional expenses this year, according to a Penn Wharton University of Pennsylvania Budget Model (PWBM) analysis published on Wednesday.
Inflation numbers due to be released later Friday by the U.S. Bureau of Labor Statistics (BLS) are expected to show consumer prices rising at their fastest pace since 1982, with investors bracing for what could be a market-moving data drop.
Three quarters of individuals in a recent poll believe that the nation will likely face an economic recession during the next 12 months, The Hill reported, citing a Hill-HarrisX survey which found that 33% view a recession as "very likely," while 42% think that a recession is "somewhat likely."
President Joe Biden said on Wednesday that most Americans cannot understand the problems faced by the United States' supply chains, adding that 'not a lot of people' have a clear grasp of the networks and their implications.