Most American adults have cut spending this year, according to a new CNBC-Morning Consult survey, which also revealed that consumers plan to stay frugal through the holidays.
A whopping 92% of adults have cut back on discretionary spending over the past six months, CNBC found after polling 4,403 US adults last week.
Consumers were most skittish when shopping for clothes and dining out at restaurants — 63% and 62%, respectively.
The news site’s poll also showed that consumers at all income levels are feeling pinched by the economy. While labor strikes in Hollywood and Detroit provoke fresh uncertainty, inflation rose a surprisingly stiff 3.7% last month — still well above the Federal Reserve’s 2% target.
Fifty-five percent of lower-income households earning $50,000 or less annually told CNBC that their personal finances are suffering from the state of the US economy, while 61% of middle-income earners bringing in $50,000 to $100,000 are feeling the squeeze.
Even among the highest earners with annual incomes exceeding $100,000, 46% said they’re feeling the impact of the economy on their finances.
More than three-quarters of respondents, 76%, plan to cut back spending on non-essential items over the next six months, during retailers’ all-important holiday shopping season, while 62% said they plan on budgeting “sometimes” or “more often” in the upcoming months, CNBC found.
Meanwhile, 56% of surveyed respondents said they were spending less on entertainment outside the house despite reports of recent summer splurges on blockbuster movies and concert tours, namely Taylor Swifts sought-after Eras Tour, which is on track to amass a record-breaking $1 billion in sales, making it the highest-grossing tour ever.
Groceries saw the next-biggest budget reduction, with 54% of respondents saying they’re spending less at the supermarket, according to CNBC.
The results came just one week after the Bureau of Labor Statistics’ closely-watched Consumer Price Index showed that food prices rose 0.2% for the third consecutive month in August as the index for meats, poultry, fish, and eggs advanced 0.8%.
The index for pork edged 2.2% higher.
CNBC’s survey also showed that 53% of respondents will be cutting back on recreational travel spend, while 50% won’t be quick to splash out on electronics — a figure that could spell bad news for Apple, which is set to drop its “industry first” iPhone 15 on Sept. 22 for up to $899 depending on storage capacity.
The latest inflation numbers represent a stark slowdown from last summer when inflation hit a four-decade peak at 9.1%.
Still, it remains well above the Feds 2% goal and marks an acceleration from the previous two months.
In June, inflation bottomed out at 3%, and rose to 3.2% in July.
As Wall Street expected, rising gasoline costs were the main culprit of Augusts advance, ticking 10.6% higher last month and accounting for over half of the increase, the data showed.
As of Tuesday, the national average of a gallon of gas stood at $3.88, rising some eight cents in the span of a week, according to the American Automobile Association.
The most eye-watering prices were seen in some parts of California, where gas is running residents more than $6 in some parts of LA and as much as $7 in other parts of the state.
At this time last year, a gallon of gas was 18 cents cheaper nationally, AAA said.
And to make matters worse, relief doesnt appear to be on the horizon, at least not in the short term.
Chevron CEO Mike Wirth predicted that oil prices would get close to $100 a barrel.
Supply is tightening, inventories are drawing the trends would suggest, we are certainly on our way, we are getting close (to $100/bbl), Wirth, who heads the nations second largest energy producer, told Bloomberg TV on Monday.
Seven of eight first-round series in the 2025 Stanley Cup playoffs have begun, and No. 8 gets rolling on Tuesday.
The Battle of Florida between the Tampa Bay Lightning and Florida Panthers begins anew (8:30 p.m. ET, ESPN), with both clubs looking like a legitimate Stanley Cup contender if they can survive the intrastate showdown.
Game 1 sure did not go as planned for the Devils. A win at the legendarily loud Lenovo Center would’ve been stretching it, but losing Brenden Dillon, Cody Glass and Luke Hughes to injury was not an ideal outcome either.
They’ll hope to rebound Tuesday before the series shifts to Newark. Closing the shot attempt differential might help, as the famously possession-savvy Hurricanes held a 45-24 edge on shots on goal in Game 1.
For years, the knock on Carolina was that it lacked that one goal scorer who could get the Canes over the hump in the playoffs. Many observers thought the Canes had acquired such a player in Mikko Rantanen in January. Ironically, it was the player Carolina acquired in its subsequent trade of Rantanen to Dallas — Logan Stankoven — who scored two goals in Game 1. Will he add to that total in Game 2?
Of note heading into Tuesday’s game, the Devils have come back to win a playoff series after losing the first game 11 out of 26 times (42%); that figure drops to 20% if they fall behind 0-2. The Hurricanes have won six of their past seven series after winning Game 1.
The atmosphere was intense for Game 1, and the Maple Leafs’ “Core Four” led the way: Mitch Marner (one goal, two assists), William Nylander (one goal, one assist), John Tavares (one goal, one assist) and Auston Matthews (two assists) each filled up the scoresheet. A continuation of that output will obviously help Toronto overwhelm its provincial neighbor.
Slowing down the Maple Leafs could depend on discipline, according to Ottawa captain Brady Tkachuk. “We took too many penalties, they scored on [them] and that’s the game,” Tkachuk told reporters after Game 1. “So that’s on us. We’ve got to be more disciplined.”
The Sens will also need to capitalize on their chances. According to Stathletes, Ottawa had five high-danger scoring chances in this game, and produced only two goals.
This is the fourth time that the two Sunshine State franchises have met in the postseason, and all four of the meetings have occurred since 2021.
In each instance, the winner of the series has gone on to reach the Stanley Cup Final — Lightning in 2021 and 2022; Panthers in 2024 — while the 2021 Lightning and 2024 Panthers won it all.
Unsurprisingly, Nikita Kucherov is Tampa Bay’s leading scorer against Florida, with 25 points (five goals, 20 assists) in 15 games. Aleksander Barkov is the Panthers’ leading scorer against the Lightning, with 13 points (three goals, 10 assists) in 15 games.
The two teams split their meetings in the regular season, with the Lightning winning the most recent, 5-1 on April 15.
The underdog Wild set a physical tone to the series in Game 1, outhitting the Golden Knights 54-29, but the hosts emerged with a 4-2 victory. Tomas Hertl, Pavel Dorofeyev and Brett Howden (two) were the goal scorers for Vegas, and Matt Boldy was responsible for both Minnesota goals.
Howden, who had never scored double-digit goals until his 23 this season, earned praise from coach Bruce Cassidy after Game 1. “He didn’t change his game,” Cassidy told reporters. “He played physical. He’s part of our penalty kill. He’s always out when the goalie’s out, typically one of the six guys we use a lot because of his versatility. He can play wing. He can take draws as a center. He’s been real good for us all year and good again tonight.”
Sunday’s game was the NHL debut for 2024 first-round pick Zeev Buium, who just finished his season with the University of Denver. He played 13 minutes, 37 seconds and finished with one shot on goal.
Arda’s Three Stars of Monday
The greatest goal scorer in NHL history just keeps finding the back of the net. He had two goals, including the overtime winner, as the Caps take Game 1 3-2 despite a valiant third period effort from Montreal to send it to the extra frame.
Connor had the game-winning goal in the third period for the second straight game, as Winnipeg takes both games at home for the 2-0 series lead on the Blues.
Further proof that the Oilers are never out of the game, McDavid helped erase a 4-0 deficit with a goal and three assists, despite the Oilers falling 6-5 late in a thrilling Game 1.
Monday’s scores
Capitals 3, Canadiens 2 (OT) Washington leads 1-0
Much of the regular season was spent focused on Alex Ovechkin‘s “Gr8 Chase” of Wayne Gretzky’s all-time goal-scoring record, and he scored historic goal No. 895 on Sunday, April 6. It turns out, Ovi likes the spotlight. The Capitals superstar opened the scoring in the game, and bookended it with the overtime winner — his first ever, believe it or not — as the Caps survived a thriller in Game 1, following Nick Suzuki‘s tying goal with 4:15 remaining. Full recap.
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Alex Ovechkin’s OT goal wins Game 1 for Capitals
Alex Ovechkin’s second goal of the game is an overtime winner that gives the Capitals a 1-0 series lead vs. the Canadiens.
Jets 2, Blues 1 Winnipeg leads 2-0
Game 1 between the two clubs was tightly contested until the Jets took over in the third period. That trend took hold again on Monday — the score remained tied into 1-1 the third period, when Winnipeg’s Kyle Connor scored at the 1:43 mark, and the Jets were able to hold the Blues off the scoreboard for the duration. Connor’s linemate Mark Scheifele assisted on the game-winner and opened the scoring, giving him a league-leading five points this postseason. Full recap.
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Kyle Connor scores clutch goal to put Jets ahead in 3rd period
Kyle Connor extends Winnipeg’s lead after a clutch goal early in the 3rd period vs. St. Louis.
Stars 4, Avalanche 3 (OT) Series tied 1-1
The series that every observer thought would be the closest in the first round didn’t look that way in Game 1, as the Avs ran over the Stars en route to a 5-1 win. Game 2 was much more in line with expectations, as the two Western powerhouses needed OT to settle things. Colin Blackwell was the hero for Dallas, scoring with 2:14 remaining in the first OT period. Full recap.
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Colin Blackwell comes up with big OT winner for Stars
Colin Blackwell sends the Stars faithful into jubilation with a great overtime winner to tie the series at 1-1 vs. the Avalanche.
Kings 6, Oilers 5 Los Angeles leads 1-0
Monday’s nightcap was a delight to those who like offensive hockey and were willing to stay up late. The Kings roared out to a four-goal lead late in the second period before Edmonton’s Leon Draisaitl scored to pull within three with six seconds remaining. The two teams traded goals to start the third, before the Oilers notched three in a row to tie up the festivities with 1:28 remaining on Connor McDavid‘s first of the 2025 playoffs. L.A.’s Phillip Danault sent his club’s fans home happy, scoring the pivotal goal with 42 seconds left. Full recap.
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Kings retake lead on Phillip Danault’s goal in final minute
Phillip Danault restores the lead for the Kings with a goal vs. the Oilers in the closing moments.
DALLAS — Colin Blackwell was hoping for another crack at the playoffs when he signed with the Dallas Stars in free agency last summer. This is his sixth team in seven NHL seasons, and he had been in the postseason only one other time.
After being a healthy scratch for the Stars’ playoff opener, he got his shot and changed the trajectory of their first-round series against Colorado with his overtime goal for a 4-3 win in Game 2 on Monday night.
“I always felt my game was kind of built for the playoffs and stuff along those lines. I love rising to the occasion and playing in moments like this,” Blackwell said. “That was a big win for us. I think if we go into Colorado down 2-0, it’s a different series. I think that’s why you’re only as good as your next win or your next shift.”
Blackwell’s only previous playoff experience was a seven-game series with Toronto in a first-round loss to Tampa Bay three years ago.
Stars coach Pete DeBoer talked to Blackwell when he didn’t play in Game 1 on Saturday.
“[I] said be ready, you’re not going to be out long,” DeBoer said. “I wanted to get him in Game 2. He’s one of those energy guys. I thought after losing Game 1 we needed a little shot of energy. He’s a competitive player and I thought he was effective all night. But it’s also great to see a guy like that get a goal, out Game 1, work with the black aces, and then come in and play a part in playoff hockey.”
Blackwell scored 17:46 into overtime after his initial shot ricocheted off teammate Sam Steel and Avs defenseman Samuel Girard in front of the net. But with the puck rolling loose on the ice, the fourth-line forward circled around and knocked it in for the winner.
The 32-year-old Blackwell, a Harvard graduate who played for Chicago the past two seasons, said he has often had to go in and out of lineups and has learned over the years to stay sharp mentally and keep working hard on and off the ice. In his first season for Dallas, he had 17 points (six goals, 11 assists) over 63 regular-season games.
“It’s been a long season, and not playing the first game, stuff like that, just kind of been in and out of the lineup toward the end here,” he said. “I don’t really worry about making a mistake. I just go out there and play hockey and good things happen.”
And they certainly did for the Stars, who were in danger of dropping their first two games at home in the first round for the second year in a row before his winning shot. Game 3 is Wednesday night in Denver.
“Colin is one of those guys, especially me being out, I get to see how hard he works every day,” said Tyler Seguin, who missed 4½ months after hip surgery before returning last week. “I get to see how he is in the gym. I get to see how good of a basketball player he is. There’s many things that I get to see with some of these guys that are in and out of the lineup. You’re just proud of a guy like him and what he did.”
A bag belonging to the US Homeland Security Secretary was stolen on Sunday night – containing thousands of dollars in cash and an ID card that gives access to secure agency buildings.
Kristi Noem was eating at a Washington DC burger restaurant with family when a man in a face covering sat near her table and stole her purse, according to two people familiar with the theft.
The cabinet secretary was carrying $3,000 (£2,243) in cash because “her entire family was in town including her children and grandchildren”, Department of Homeland Security spokesperson Tricia McLaughlin told NBC.
“She was using the withdrawal to treat her family to dinner, activities and Easter gifts.”
Image: The purse contained her ID card. Reuters file pic
Just before 8pm, a man wearing an N-95 mask walked into the restaurant and up a few stairs to where Ms Noem was eating dinner.
He sat near her table and moved his chair close to hers before sliding her purse toward him with his foot, according to surveillance footage viewed by law enforcement, the sources said.
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Within minutes, the man had Ms Noem’s purse under his jacket and walked out of the restaurant.
At least two on-duty members of the US Secret Service were in the restaurant – between Ms Noem and the front doors – according to a source who witnessed the meal.
They said the restaurant wasn’t very busy at the time.
The purse also contained credit cards, blank cheques, her passport, driver’s licence and a set of keys.
It’s unclear whether Ms Noem was specifically targeted – and investigators are looking into whether the man knew who the purse belonged to.
When asked about the incident, Ms Noem said: “I don’t think I can comment on it yet. It’s not resolved yet.”
She said the Secret Service was aware but said she hadn’t spoken to agency personnel about what happened.
Ms Noem is a vocal supporter of Donald Trump’s policies of deporting undocumented immigrants and fortifying the US-Mexico border to slow illegal migration.