Author: Paul Davidson, USA TODAY

As gas prices skyrocket, Americans are cutting back and economic growth will slow. Lower-income households are especially hard hit.

The consumer price index rose 7.9% annually in February, a new 40-year high, as soaring gasoline prices stoked an already sharp run-up in prices.

The consumer price index rose 7.9% annually in February, a 40-year high, as soaring gasoline prices stoked an already sharp run-up in prices.

Analysts say oil and gas companies generally aren’t price-gouging consumers at the pump but sometimes their comments raise concerns

The unemployment rate for people without a high school diploma fell lowest on record.

Employers added 678,000 jobs in February as omicron faded and dining and travel picked up. Unemployment fell to 3.8%.

The chances of a recession in 2022 are rising amid high energy prices, soaring inflation, Russia-Ukraine war and looming Fed rate hikes.

Americans are thinking smaller when they move. A growing share move to less populated metro areas or small rural towns further out from urban cores.

Powell tells Congress Fed is poised to raise rates to curtail inflation despite Ukraine war, falling stock market. A quarter point bump appears likely.

Fed Chair Powell will testify Wednesday and may offer views on how much the central bank will raise rates this month and the impact of Russia’s war.