Rising Gas Prices Impact Consumer Spending and Economic Growth
The national average gas price has surpassed $4.40 per gallon, making it over $100 to fill a Ford F-150's 23-gallon tank. This increase is affecting consumer behavior as Americans cut back on discretionary spending such as dining out and entertainment. The economic impact is evident in the first-quarter GDP growth report, where consumer spending slowed while business investment remained strong.
Topics: consumer behavior economic growth Ford F-150 gas prices