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$6 Gas, Record Low Sentiment, Housing Freezes | Numbers Scream Ep. 17

Welcome back to Numbers Scream. I'm Tom Mills with The Biz Doc, and we're diving into the oil impact on the economy, addressing your comments and questions with specific statistics. Inflation has risen to 3.3%, a notable increase given the Federal Reserve's target of 2%. Gas prices have seen one of the largest jumps on record, surging 21.2% in just one month. The small business confidence index is down 28%, indicating a significant drop in optimism about the American economy. Consumer sentiment, at 47.6, is at a historic low. Additionally, the number of homebuyers, currently at 1.36 million, is also near an all-time low. We'll explore these aspects of the oil economy this week. For personalized information, you can find one-on-one and mastermind consulting options at the link below, David Consulting. First, let's discuss inflation, which I refer to as the consumer price index because it reflects changes in what we buy. Data from CNBC and the U.S. Bureau of Labor Statistics shows that the overall inflation rate, encompassing all items, has jumped to 3.3%. This is in contrast to the index excluding food and energy, which stands at 2.6%. While 2.6% might seem lower, for most people who consume food and use energy, the 3.3% figure is the relevant reality. This difference highlights the true impact of oil on prices. A continued spike, particularly with diesel prices reaching $5, will significantly increase the cost of goods like apples, as transportation costs for everything from farm produce to Amazon Prime deliveries rely heavily on fuel. The Fed's goal of 2% inflation is crucial, as Americans are currently facing economic hardship. Many are struggling with credit card debt and "buy now, pay later" balances, where late payment charges and delinquencies are at unprecedented highs. The middle class is not doing fine; they need recovery and immediate assistance.