Last week, Americans filed for unemployment. The unemployment claims have risen more than 9000 compared to last week the previous week that were at 244,000 unemployment claims.
Inflation is still on the rise on other commodities coming even up to above 10% in other areas of the country.
The inflation on gas prices have dropped for at least four weeks straight coming to a tally of $4.60/gallon compared to June 14 at $5.01/gallon, almost coming to the original one year ago $3.14/gallon. This can be seen as a major relief even in the short term.
Since the earning season has began, this is where we see the inflation numbers and the rising of the interest rates are really starting to impact businesses and where the people are feeling its effects.
A look at the JP Morgan Chase profits are sinking 28%. The nation’s largest bank has now set aside nearly half a billion dollars more incase people, businesses and consumers start to default on the alarm.
The bank is also temporarily suspending buying back their own stock so they can have a little more cash on hand just incase.