Americans’ buying power rose for first time since March 2021 amid falling inflation

Fed Chair Jerome Powell: The process of getting inflation back down to 2% has a long way to goFor the average person, however, inflation swamped those wage gains. Such households saw their bills for food, rent and filling up the gas tank rise faster than their paychecks.

The CPI, an inflation barometer, peaked at 9.1% in June 2022 — the highest level in four decades — but has sinceMeanwhile, wage growth has also declined but at a slower pace — translating to a net boost to Americans' financial well-being in May relative to last year. "The trend reversal is good news for consumers, who have remarkably weathered the decline well and are now set to become even stronger," Pollak said.Other economic measures further suggest household well-being has improved.

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Tourist sub customer calls his 2021 dive to the Titanic a 'kamikaze operation'As an international search continues for a vessel that disappeared on its way to the underwater wreckage of the Titanic, a man who was one of the submersible company's first customers says a dive he made to the site two years ago was a “kamikaze operation.' Arthur Loibl is a 61-year-old retired businessman and adventurer from Germany. He said Wednesday that when the OceanGate company announced it was launching Titanic trips, he jumped at the chance, paying $110,000 for a 2019 dive that fell through because the first submersible didn’t survive testing. Loibl eventually went in 2021. Loibl says that in hindsight, “it was a bit dubious.”
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