Headliners at the festival include Pearl Jam, Lenny Kravitz, Dave Matthews Band, Luke Combs, Kacey Musgraves, Santana, Burna Boy and Lil Wayne and The Roots.
Brown estimates that economic growth could fall to zero in the first three months of this year,in last year’s fourth quarter.
Inflation remains a top economic concern for most Americans, even as it has fallen sharply from its 2022 peak. Donald Trump rode dissatisfaction with higher prices to the presidency and promised to quickly bring down inflation, but the yearly rate is higher now than in September, when it briefly touched 2.1%.Consumer spending rose 0.4% in February, though the gain was just 0.1% after adjusting for prices. The mild increase follows a sharp 0.6% drop in January.The spending and inflation figures steepened a market downturn early Friday. The broad S&P 500 stock market index fell 1.4%. The Dow Jones index fell more than 500 points and the Nasdaq fell as well.
The spending increase was driven by greater purchases of long-lasting goods, such as cars and appliances, which could reflect an effort by shoppers to buy things before tariffs are imposed. They are the kind of purchases that won’t likely be repeated in coming months.Spending on services, including discretionary spending such as at restaurants and hotels, fell.
“The fact that consumers chose to increase outlays on goods that are about to see price increases at the expense of the far more economically important service sector provides insight into the mindset of the consumer,” said Joseph Brusuelas, chief economist at tax and advisory firm RSM.
Also Friday, the University of Michigan released itsStart to finish: 1 hour 50 minutes (20 minutes active)
4 tablespoons grapeseed or other neutral oil, divided2 medium yellow onions, chopped
2 medium red bell peppers, stemmed, seeded and choppedKosher salt and ground black pepper