U.S. inflation reached a new near 41-year record high, the highest it has been since December of 1981. The Labor Department released the Consumer Price Index report for March, showing inflation increased 8.5 percent from a year ago. To put that number into perspective, economists say inflation is usually 2 percent.
The Labor Department released the Consumer Price Index for February, which shows it increased 7.9 percent from a year ago. Meanwhile, wages increased 5.1 percent. That’s almost a 3 percent difference, so if you did not get a 3 percent pay increase then you are essentially getting a pay cut. Are we headed into a recession? The Managing Director of the Market Gauge, Michele Schneider joined OAN’s Alicia Summers to discuss.