Americans are spending $709 more per month on everyday goods and services than they did two years ago, according Moody's Analytics. (Joe Raedle / Getty Images)
Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- Inflation forcing Americans to spend $709 more per month than 2 years ago: Economist
- Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent.
- Moody’s chief economist Mark Zandi made the statement Friday on X, formerly known as Twitter, as part of his analysis of July’s consumer price index report. Despite the jarring increase in cost, Zandi say inflation is moderating, with just a 0.2% increase from June to July.
- “To be sure, the high inflation of the past 2+ years has done lots of economic damage. Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago,” Zandi wrote.
- The fed could resort to further interest rate hikes later this year, but Federal Reserve Chairman Jerome Powell has not made any announcements.
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