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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.

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Danault’s last-minute goal saves Kings in wild G1

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Danault's last-minute goal saves Kings in wild G1

LOS ANGELES — Phillip Danault scored his second goal with 42 seconds to play, and the Los Angeles Kings blew a four-goal lead before rallying for a 6-5 victory over the Edmonton Oilers in the opener of the clubs’ fourth consecutive first-round playoff series Monday night.

The Kings led 5-3 in the final minutes before Zach Hyman and Connor McDavid tied it with an extra attacker. Los Angeles improbably responded, with Danault skating up the middle and chunking a fluttering shot home while a leaping Warren Foegele screened goalie Stuart Skinner.

Andrei Kuzmenko had a goal and two assists in his Stanley Cup playoff debut, and Adrian Kempe added another goal and two assists for the second-seeded Kings, who lost those last three series against Edmonton. Los Angeles became the fourth team in Stanley Cup playoffs history to win in regulation despite blowing a four-goal lead.

Quinton Byfield, Phillip Danault and Kevin Fiala also scored, and Darcy Kuemper made 20 saves in his first playoff start since raising the Cup with Colorado in 2022.

Los Angeles has home-ice advantage this spring for the first time in its tetralogy with Edmonton, and the Kings surged to a 4-0 lead late in the second period in the arena where they had the NHL’s best home record. That’s when the Oilers woke up and made it a memorable night: Leon Draisaitl, Mattias Janmark and Corey Perry scored before Hyman scored with 2:04 left and McDavid scored an exceptional tying goal with 1:28 remaining.

McDavid had a goal and three assists for the Oilers, who reached Game 7 of the Stanley Cup Final last season. Skinner stopped 24 shots.

Game 2 is Wednesday night in Los Angeles.

Until Edmonton’s late rally, Kuzmenko was the star. Los Angeles went 0 for 12 on the power play against Edmonton last spring, but the 29-year-old Russian — who has energized the Kings since arriving last month — scored during a man advantage just 2:49 in.

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Skinner finally makes playoff debut, gets assist

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Skinner finally makes playoff debut, gets assist

LOS ANGELES — Edmonton Oilers forward Jeff Skinner finally made his Stanley Cup playoff debut after 15 seasons and a league-record 1,078 regular-season games.

Skinner was in the lineup for Edmonton’s 6-5 loss in Game 1 of its first-round series against the Los Angeles Kings on Monday night, ending the longest wait for a postseason debut in NHL history.

Skinner, who turns 33 years old next month, has been an NHL regular since he was 18. He has racked up six 30-goal seasons and 699 total points while scoring 373 goals in a standout career.

But Skinner spent his first eight seasons of that career with the Carolina Hurricanes, at the time, a developing club that missed nine consecutive postseasons during the 2010s. From there, he spent the next six seasons with the woebegone Buffalo Sabres, whose current 14-season playoff drought is the league’s longest.

Skinner signed with Edmonton as a free agent last summer but struggled to nail down a consistent role in the Oilers’ lineup in the first half of the season. His game improved markedly in the second half, and he scored 16 goals this season while entering the playoffs as Edmonton’s third-line left wing.

Skinner’s teammates have been thrilled to end his drought this month. Connor McDavid presented Skinner with their player of the game award after the Oilers clinched their sixth straight playoff berth two weeks ago.

The veteran was active against the Kings, as his club mounted a furious rally only to lose in the final minute of regulation. Skinner had an assist and five hits across his 15 shifts. He finished the night with 11:12 time on the ice.

The Associated Press contributed to this report.

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Harvard University sues over $2.2bn funding freeze after rejecting demands from Donald Trump’s administration

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Harvard University sues over .2bn funding freeze after rejecting demands from Donald Trump's administration

Harvard University is suing Donald Trump’s administration after it rejected a list of demands from the White House and had $2.2bn (£1.6bn) of government funding frozen.

The Ivy League institution, in Cambridge, Massachusetts, is accused of ideological bias and allowing antisemitism during campus protests last year against Israel’s war in Gaza.

The Trump administration, which began a review of $9bn (£6.7bn) in federal grants for Harvard in March, had demanded the university screen international students for those “hostile to the American values” and the end of all diversity, equality and inclusion programmes.

FILE PHOTO: Demonstrators rally on Cambridge Common in a protest organized by the City of Cambridge calling on Harvard leadership to resist interference at the university by the federal government in Cambridge, Massachusetts, U.S. April 12, 2025. REUTERS/Nicholas Pfosi/File Photo
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Protesters earlier this month at Harvard called on the university to resist interference by the federal government. Pic: Reuters

Students, faculty and members of the Harvard University community rally against Donald Trump's funding  policies, Thursday, April 17, 2025, in Cambridge, Mass. (AP Photo)
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Students at a rally last week at Harvard against Donald Trump’s funding policies. Pic: AP

The university’s president Alan Garber has remained defiant and rejected those and other reforms, prompting the US President to question whether the university should lose its tax-exempt status.

Mr Trump accused the institution of pushing what he called “political, ideological, and terrorist inspired/supporting ‘Sickness?'” in a post on Truth Social.

Harvard has seen student-led protests in recent days calling on the institution to resist interference by the federal government.

Harvard’s lawsuit, filed in Boston, described the research funding freeze as “arbitrary and capricious” and violating its First Amendment rights.

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“The government has not – and cannot – identify any rational connection between antisemitism concerns and the medical, scientific, technological, and other research it has frozen that aims to save American lives, foster American success, preserve American security, and maintain America’s position as a global leader in innovation,” the court documents revealed.

A person relaxes on the Harvard University campus on Thursday, as the US Supreme Court announced its historic ruling Pic: AP
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Harvard University has rejected a series of demands from the White House. File pic: AP

On Monday, White House spokesperson Harrison Fields issued a defiant response to the lawsuit: “The gravy train of federal assistance to institutions like Harvard, which enrich their grossly overpaid bureaucrats with tax dollars from struggling American families is coming to an end.

“Taxpayer funds are a privilege, and Harvard fails to meet the basic conditions required to access that privilege.”

The Trump administration has also paused some funding for universities including Columbia, Princeton, Cornell, Northwestern and Brown over the campus protests.

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But protesters, including some Jewish groups, say their criticism of Israel’s military actions in Gaza is wrongly associated with antisemitism.

Mr Garber said the institution would continue to fight hate and fully comply with anti-discrimination laws.

A drone view shows an encampment at Harvard University where students protest in support of Palestinians in Cambridge, Massachusetts.
Pic: Reuters
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A small encampment in support of Palestinians at the Harvard campus in April 2024. Pic: Reuters

The American Council on Education, a non-profit organisation with more than 1,600 member colleges and universities, supported the legal action by Harvard.

“It has been clear for weeks that the administration’s actions violated due process and the rule of law. We applaud Harvard for taking this step.”

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