Diners are skipping restaurants and making more meals at home as inflation trend inverts

Diners are skipping restaurants and making more meals at home as inflation trend inverts

NEW YORK (AP) — Eating in is in and eating out is out. That’s the message that inflation-squeezed consumers have been sending to fast-food companies and other restaurants. Meanwhile food producers are benefitting from more palatable prices in grocery store aisles. Inflation has been easing broadly for more than a year, and it’s been cooling faster for grocery items since the middle of the year. The current trend marks a reversal from previous years when grocery inflation outpaced restaurants as food producers raised prices, often while fattening their profit margins.… Continue Reading

US economy grew at a solid 3% rate last quarter, government says in final estimate

US economy grew at a solid 3% rate last quarter, government says in final estimate

WASHINGTON (AP) — The American economy expanded at a healthy 3% annual pace from April through June, boosted by strong consumer spending and business investment, the government said, leaving its previous estimate unchanged. The nation’s gross domestic product — the nation’s total output of goods and services — picked up sharply in the second quarter from the tepid 1.6% annual rate in the first three months of the year. Consumer spending, the primary driver of the economy, grew last quarter at a 2.8% pace, down slightly from the 2.9% rate the government had previously estimated. The final GDP estimate for the April-June quarter included figures showing that inflation continues to ease, to just above the Federal Reserve’s 2% target.… Continue Reading

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