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America In Focus: Inflation jumps and gas soars but American consumers seemed to take it in stride

By The Associated Press

In the past week, many Americans remained laser focused on the economy, inflation and how those forces could impact their lives. But it is almost impossible not to notice that trips to the grocery store or gas station are more painful than they were last year.

Here’s a snapshot of some of the latest economic data and news and what it potentially means for you.

Key inflation gauge jumps to highest level in 3 years

A key inflation measure jumped in March as gas prices soared, the latest sign that the Iran war is pushing up the cost of living and delaying any interest rate cuts by the Federal Reserve.

An inflation gauge monitored by the Fed rose 0.7% in March from February, up sharply from the previous month, the Commerce Department said Thursday. Compared with a year ago, prices rose 3.5%, the biggest increase in almost three years.

Excluding the volatile food and energy categories, core inflation rose 0.3% in March from February, and it was 3.2% higher than a year earlier. The annual figure is above February’s reading of 3%.

Gasoline prices rocketed higher, setting new multi-year highs for four consecutive days starting Tuesday. The average price for gallon of regular gasoline had the largest overnight gain since the war began on Friday, hitting $4.39, prices continued to climb Saturday.

U.S. economy grew 2% from January-March,

The U.S. economy accelerated at the start of 2026, expanding at a modest 2% pace from January through March after recovering from last fall’s 43-day federal government shutdown. But the outlook is clouded by the Iran war.

The Commerce Department reported Thursday that gross domestic product — the nation’s output of goods and services — rebounded from a lackluster 0.5% expansion the last three months of 2025. The federal government’s spending and investment grew at a 9.3% annual rate in the first quarter, adding more than half a percentage point to growth after lopping off 1.16 percentage points in fourth-quarter 2025.

US consumer confidence edges higher in April

U.S. consumer confidence rose modestly in April despite growing anxiety over soaring energy prices brought on by the war in Iran.

The Conference Board said Tuesday that its consumer confidence index inched up to 92.8 in April from 92.2 in March.

Though the gauge measuring American consumers’ confidence has ticked up the past two months, the reading remains mired near its lowest level since the COVID-19 pandemic.

Respondents’ comments about prices, oil, gas and the war increased in April as the national average for a gallon of gas in the U.S. rose 30 cents in just the past week to $4.43.

Average US long-term mortgage rate rises, ending 3-week slide

The average long-term U.S. mortgage rate rose this week, pushing up borrowing costs for prospective homebuyers in the midst of the spring homebuying season.

The benchmark 30-year fixed rate mortgage rate rose to 6.3% from 6.23% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from one year ago, when the rate averaged 6.76%.

The increase ends a three-week slide, bringing the average rate back to where it was two weeks ago.

Weekly unemployment claims fall to lowest level in more than 50 years

The number of Americans filing for unemployment benefits tumbled to their lowest level more than 50 years last week despite a number of economic headwinds including the war in Iran.

U.S. jobless aid applications for the week ending April 25 fell by 26,000 to 189,000, down from the previous week’s 215,000, the Labor Department reported Thursday. That’s well below the 214,000 new applications analysts surveyed by the data firm FactSet were expecting.

Filings for unemployment benefits are considered a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market.

According to High Frequency Economics, this week’s number for new jobless aid applications was the fewest since September of 1969.

Markets edged higher with most Big Tech companies posting big profits

The U.S. stock market set more records to end the week after Apple and a slew of other Big Tech earnings powered markets higher. Oil prices continued to shoot higher even though prices moderated Friday. Many stock markets across the world were closed Friday for the the May Day holiday.

The S&P 500, the Dow Jones Industrial Average, and the Nasdaq composite all ended the week higher.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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