Inflation is outpacing wage growth again, squeezing Americans’ paychecks

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Americans face a renewed squeeze on their paychecks as inflation once again rises faster than wage growth, putting further pressure on consumer wallets. "A substantial number of Americans are worse off, their incomes are not keeping up with the price increases right now," Heather Long, chief economist at Navy Federal Credit Union, told CNBC. Consumer prices rose 3.4% in August from a year earlier, according to data released Friday by the U.S. Bureau of Labor Statistics . Average hourly earnings, meanwhile, increased just 3.1% over the same period, according to a separate BLS report released Friday. Real average hourly earnings, adjusted for inflation, fell 0.1% from July and were down 0.3% from a year earlier in August. The gap between inflation and wage growth is a stark reminder that workers are losing purchasing power. "The basics are that inflation is wiping out wage gains," said Long, adding that April marked a clear turning point after a lengthy stretch in wh...
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Bessent says 'a large bank' will be sanctioned on Monday as part of Iran strategy

"A large bank" will be sanctioned by the U.S. next week, U.S. Treasury Secretary Scott Bessent said Thursday. "We're going to do it on Monday because we want to honor the memory of our fallen citizens on 9/11. But watch this space on Monday," Bessent said during an appearance on "Real America's Voice," without naming the financial institution nor the country. The announcement come after Trump's administration sanctioned the Dubai branches of the second largest bank in Egypt which is believed to have given Iranians $1.8 billion of funds. According to Bessent, Turkey's largest bank "that had been giving to the Iranians" will also be closed. Since the Mideast conflict began in February, the U.S. implemented a series of economic measures against Iran, including sanctions. However, the Trump administration escalated its pressure last month via what Bessent called "Operation Economic Outcast ," which imposed sanctions on almost 60 entities, vessels and individuals. The scope of secondary sanctions were also expanded on those involve in business with Iran in industries including shipping and technology.

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