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Friday, May 26, 2023

The Daily Money: Memorial Day drivers see lower gas prices

Memorial Day drivers will see lower gas prices than a year ago. The national average for unleaded regular is $3.57 a gallon.

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Fri May 26 2023
 

Paul Davidson |  Economics and Jobs Reporter

Happy Almost Memorial Day weekend! It's Paul Davidson bringing you today's top headlines from The Daily Money.

With Memorial Day road travel expected to return to pre-pandemic levels, gas prices are also doing their part to make the trip feel more like old times.

Regular unleaded gasoline averaged $3.57 a gallon nationally Friday, down from $4.60 a year ago, according to AAA.

An estimated 42.3 million travelers will drive at least 50 miles from home this weekend, up by 2.7 million, or 7%, from last year and the third-busiest Memorial Day holiday since 2000, AAA says.
AP ECONOMY UNEXPECTEDLY WEAK F FILE USA FL

A customer pumps gas

Wilfredo Lee, AP

Colorado Springs tops list of cities for college grads

So you just graduated college. Now where should you live?

Colorado Springs is the top destination for newly minted grads, according to a Zillow index that accounts for income, housing costs and job openings, among other factors. The typical college grad makes $63,000 annually in the metro area and benefits from strong job growth and a large population of young adults, the online real estate marketplace says.

Those pluses more than offset the hefty 35% of income the new workforce entrants must set aside for rent (without roommates), Zillow says.

Spokane, Washington, and Des Moines, Iowa, take second and third place in Zillow's ranking.

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The summer party season starts Memorial Day weekend and some Mexican drinks have become among the most popular. Mexican beers, especially Modelo, are gaining favor along with non-alcoholic craft beers such as Don Equis Lime & Salt Zero.

Premium tequilas are also hot, along with High Noon tequila seltzers and non-alcoholic mocktails. Spending on spirits at retail edged up 1.2% last year. Outlays on beer rose while wine sales dipped.

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Car dealerships in Metro Detroit on Friday, Oct. 28, 2022. Many dealership websites have a problem with 'ghost inventory.' They will list a vehicle for sale on the website but when a customer goes to buy it, the it does not exist leading to many disappointed and frustrated customers. Close to 30 to 40% of inventory on sites are ghosts.

You want a used car that is priced around $20,000? Experts say prepare to buy something really old with high mileage on it.

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Consumer Reports ranks buy now, pay later apps: Which came out on top?

A recent analysis from Consumer Reports found some buy now, pay later apps don't clearly disclose fees and share it with third parties for tar
How to get the new and improved MoviePass—and if you should
 

How to get the new and improved MoviePass—and if you should

MoviePass is back ahead of Memorial Day weekend. Here's what to know about the new service and how to get it.
ew graduates line up before the start of a community college commencement in East Rutherford, N.J., on May 17, 2018.
 

Completing a FAFSA form can help you find money to pay school.

If you plan to pursue higher education, you should know about FAFSA and how it can help pay for school. Here are the details.
Inflation, according to the consumer price index, rose 9.1% in June, compared to the same month a year ago. This pace is higher than in any month since November 1981. It threatens to drive the economy into recession, and there is no ready solution. (Also see, record inflation driving up prices for these 40 household items .) Some economists argue that higher interest rates will help tame inflation and lower the prices of items used by both business and consumers. Though the Federal Reserve has started to gradually raise rates (too gradually, according to some), these rate hikes did not begin until this year. And one prevailing school of thought is that the central bank should have started the process last year. The belief that inflation will cause a recession is almost unanimous. Wages are not rising as fast as prices. Faced with high fuel and food costs, consumers are seeing their household budgets squeezed. That has lowered discretionary spending, which is a major driver of gross domestic product. Inflation may cool only if unemployment rises and even more people curb discretionary spending. The current unemployment rate is near an all-time low of 3.6%. The number of people willing to take jobs today is so limited that many jobs remain unfilled. This means unemployment may stay where it is for months. (Here are states where job openings are on the rise .) One way that people can combat inflation, at least for themselves, is by avoiding purchasing items with prices that are rising most rapidly. Some of these purchases are unavoidable, but others are discretionary or easily replaceable items. To find purchases that consumers should be aware of buying during inflation, 24/7 Wall St. reviewed data on the cost of household items from the Bureau of Labor Statistics, and also considered other, broader categories. When possible, we suggested alternatives.
 

What causes inflation? Get to know why prices increase

Prices fluctuate in our economy for many reasons but ultimately, it comes as a result of inflation. Here are some of the causes for inflation.
Vehicles wait outside the international terminal at San Francisco International Airport in San Francisco on July 11, 2017. Two airliners aborted landings at San Francisco International Airport on May 19, 2023, after pilots spotted a Southwest Airlines jet taxiing across runways on which the other planes had been cleared to land. The Federal Aviation Administration said Thursday, May 25, that it reviewed the matter and determined that appropriate steps were taken to ensure safety. (AP Photo/Marcio Jose Sanchez, File)
 

Two flights abort landing after Southwest Airlines runway incursion

A Southwest Airlines plane crossed two runways in San Francisco without clearance, causing United and Alaska airlines flights to go around.
Enjoy your favorite shows at home with these streaming deals available for Memorial Day.
 

The best Memorial Day streaming deals from Paramount+, Hulu and more

Stream your favorite TV shows and movies with a little help from the best Memorial Day streaming deals from Hulu, Paramount+, Max and more.
Mairi Risner sits at Denver International Airport after her flight was canceled due to a winter storm on February 22, 2023.
 

Why you may not get what you think you deserve for delayed flights

Airlines don't owe you anything when a flight is delayed for reasons outside their control. Here's what travelers should know.
Poipu Beach is the focal point of the Sheraton Kauai Resort, and for good reason.
 

Save money on your Hawaii hotel by trying these activities

Hotels in Hawaii participate in a program that incentivizes visitors to give back to the community and get a discount in return.
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