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Americans still spending despite soaring inflation
CBSN
Americans kept spending in March even amid higher prices for food, gasoline and other basics, worsened by Russia's escalating war with Ukraine.
Retail sales increased 0.5% after registering a revised 0.8% jump from January to February. Spending has been fueled by wage gains, solid hiring and more money in banking accounts. January's increase of 4.9% was the biggest jump in spending since March 2021, when American households received a final federal stimulus check of $1,400.
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More employees of the Environmental Protection Agency were informed Wednesday that their jobs appear in doubt. Senior leadership at the EPA held an all-staff meeting to tell individuals that President Trump's executive order, "Ending Radical and Wasteful Government DEI Programs and Preferencing," which was responsible for the closure of the agency's Diversity, Equity, and Inclusion office, will likely lead to the shuttering of the Office of Environmental Justice and External Civil Rights as well.
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In her first hours as attorney general, Pam Bondi issued a broad slate of directives that included a Justice Department review of the prosecutions of President Trump, a reorientation of department work to focus on harsher punishments, actions punishing so-called "sanctuary" cities and an end to diversity initiatives at the department.
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The quick-fire volley of tariffs between the U.S. and China in recent days has heightened global fears of a new trade war between the world's two largest economies. Yet while experts think the battle is likely to escalate, they also say the early skirmishes offer hope for an agreement on trade and other key issues that could head off a larger conflict.