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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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BlockFi bankruptcy administrator and DOJ agree to dismiss $35M lawsuit

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BlockFi bankruptcy administrator and DOJ agree to dismiss M lawsuit

BlockFi bankruptcy administrator and DOJ agree to dismiss M lawsuit

BlockFi’s bankruptcy administrator and the DOJ have settled a $35 million crypto asset transfer lawsuit.

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Hard-throwing rookie Misiorowski going to ASG

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Hard-throwing rookie Misiorowski going to ASG

Hard-throwing rookie Jacob Misiorowski is a National League All-Star replacement, giving the Milwaukee Brewers right-hander a chance to break Paul Skenes‘ record for the fewest big league appearances before playing in the Midsummer Classic.

Misiorowski was named Friday night to replace Chicago Cubs lefty Matthew Boyd, who will be unavailable for the All-Star Game on Tuesday night in Atlanta because he is scheduled to start Saturday at the New York Yankees.

The 23-year-old Misiorowski has made just five starts for the Brewers, going 4-1 with a 2.81 ERA while averaging 99.3 mph on his fastball, with 89 pitches that have reached 100 mph.

If he pitches at Truist Park, Misiorowski will make it consecutive years for a player to set the mark for fewest big league games before an All-Star showing.

Skenes, the Pittsburgh Pirates right-hander getting ready for his second All-Star appearance, had made 11 starts in the majors when he was chosen as the NL starter for last year’s All-Star Game at Texas. He pitched a scoreless inning.

“I’m speechless,” said a teary-eyed Misiorowski, who said he was given the news a few minutes before the Brewers’ 8-3 victory over Washington. “It’s awesome. It’s very unexpected and it’s an honor.”

Misiorowski is the 30th first-time All-Star and 16th replacement this year. There are now 80 total All-Stars.

“He’s impressive. He’s got some of the best stuff in the game right now, even though he’s a young pitcher,” said Yankees slugger Aaron Judge, who is a starting AL outfielder for his seventh All-Star nod. “He’s going to be a special pitcher in this game for a long time so I think he deserved it and it’s going be pretty cool for him and his family.”

Carlos Rodón, Carlos Estévez and Casey Mize were named replacement pitchers on the AL roster.

The New York Yankees‘ Rodón, an All-Star for the third time in five seasons, will replace teammate Max Fried for Tuesday’s game in Atlanta. Fried will be unavailable because he is scheduled to start Saturday against the Chicago Cubs.

In his final start before the All-Star game, Rodón allowed four hits and struck out eight in eight innings in an 11-0 victory over the Cubs.

“This one’s a little special for me,” said Rodón, an All-Star in 2021 and ’22 who was 3-8 in his first season with the Yankees two years ago before rebounding. “I wasn’t good when I first got here, and I just wanted to prove that I wasn’t to going to give up and just put my best foot forward and try to win as many games as I can.”

The Kansas City Royals‘ Estévez replaces Texas’ Jacob deGrom, who is scheduled to start at Houston on Saturday night. Estévez was a 2023 All-Star when he was with the Los Angeles Angels.

Mize takes the spot held by Boston‘s Garrett Crochet, who is scheduled to start Saturday against Tampa Bay. Mize gives the Tigers six All-Stars, most of any team and tied for the franchise record.

Royals third baseman Maikel Garcia will replace Tampa Bay‘s Brandon Lowe, who went on the injured list with left oblique tightness. The additions of Estévez and Garcia give the Royals four All-Stars, matching their 2024 total.

The Seattle Mariners announced center fielder Julio Rodríguez will not participate, and he was replaced by teammate Randy Arozarena. Rodríguez had been voted onto the AL roster via the players’ ballot. The Mariners, who have five All-Stars, said Rodríguez will use the break to “recuperate, rest and prepare for the second half.”

Arozarena is an All-Star for the second time. He started in left field for the AL two years ago, when he was with Tampa Bay. Arozarena was the runner-up to Vladimir Guerrero Jr. in the 2023 Home Run Derby.

Rays right-hander Drew Rasmussen, a first-time All-Star, is replacing Angels left-hander Yusei Kikuchi, who is scheduled to start Saturday night at Arizona. Rasmussen is 7-5 with a 2.82 ERA in 18 starts.

San Diego added a third NL All-Star reliever in lefty Adrián Morejón, who replaces Philadelphia starter Zack Wheeler. The Phillies’ right-hander is scheduled to start at San Diego on Saturday night. Morejón entered the weekend with a 1.71 ERA in 45 appearances.

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M’s Raleigh hits 2 more HRs, brings total to 38

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M's Raleigh hits 2 more HRs, brings total to 38

DETROIT — Cal Raleigh hit his 37th and 38th home runs in Seattle‘s 12-3 victory over Detroit on Friday night to move within one of Barry Bonds’ 2001 major league record for homers before the All-Star break.

Raleigh hit a solo homer off former teammate Tyler Holton in the eighth to tie the American League record of 37 before the All-Star break set by Reggie Jackson in 1969 and matched by Chris Davis in 2013.

“[Holton] and I are really good friends, and I’ve caught a lot of his pitches,” said Raleigh, who was in the lineup as the designated hitter instead of at catcher. “I don’t think that helped much, but I’m sure he’s not very happy with me.”

Raleigh hit a grand slam off Brant Hurter in the ninth.

“I didn’t even know it was a record until just now,” Raleigh said. “I don’t have words for it, I guess. I’m just very grateful and thankful.”

It was Raleigh’s eighth multihomer game this season, tying Jackson (also in 1969) for the most such games before the All-Star break in MLB history, according to ESPN Research. He also tied Ken Griffey Jr. for the most multihomer games in Mariners franchise history.

Seattle has two games left in Detroit before the break.

“Cal Raleigh … this is just unbelievable,” Mariners manager Dan Wilson said. “He’s already set the AL record and now he’s only one short of Barry. There are two games, so who knows?”

Raleigh hit 10 homers in March and April, 12 in May, 11 in June and has five in July.

“This is a very boring comment, but baseball is all about consistency,” Wilson said. “This hasn’t been one hot streak, he’s doing this month after month. That says everything.”

The Associated Press contributed to this report.

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