by Ethan Faverino | Jul 16, 2026 | Economy, News
By Ethan Faverino |
Consumer prices declined on a month-to-month basis in June while annual inflation continued to moderate, according to the Joint Economic Committee’s latest Monthly Inflation Update.
The report found that the Consumer Price Index for All Urban Consumers (CPI-U), the government’s primary measure of inflation, fell 0.42% from May to June. On an annual basis, consumer prices were 3.53% higher than in June 2025, down from the 4.25% year-over-year inflation rate recorded in May.
Core inflation, which excludes the more volatile food and energy categories, also eased. Core CPI declined 0.02% during June and increased 2.59% over the past 12 months, marking a slowdown from the previous month’s annual rate of 2.85%.
Energy prices were a major factor in the monthly decline. The energy index fell 5.71% in June after increasing 3.88% in May. Despite the monthly decrease, energy prices remained 15.70% higher than a year ago.
Food prices continued to rise modestly, increasing 0.21% during the month and 3.01% over the past year.
Inflation continued to vary across the country. The Northeast recorded the highest annual headline inflation rate at 4.3%, followed by the Midwest at 3.8%. The South and West each posted annual inflation rates of 3.2%
The June report also showed that workers experienced modest gains in purchasing power as inflation-adjusted wages increased. Real average weekly earnings for all private-sector employees rose 0.77% from May, while real average hourly earnings increased 0.80%.
For production and nonsupervisory employees, real average weekly earnings increased 0.55% and real average hourly earnings rose 0.81%.
The Joint Economic Committee noted that “real” earnings reflect wages after adjusting for inflation making them a better indicator of workers’ purchasing power. Weekly earnings are considered a more comprehensive measure of income because they account for changes in both hourly pay and hours worked.
The report also showed inflation came in below expectations. According to forecasts from the Cleveland Federal Reserve, economists had projected monthly headline inflation of a 0.06% decline and annual inflation of 3.92%. Instead, headline CPI fell 0.42% in June and the annual rate registered 3.53%, indicating inflation cooled more than anticipated.
Compared with June 2025, annual inflation remained elevated but continued its gradual moderation. Headline inflation stood at 3.53%, food inflation at 3.01%, core inflation at 2.59%, and energy prices remained the fastest-growing component, rising 15.70% over the past year despite their sharp monthly decline.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Jul 14, 2026 | Economy, News
By Ethan Faverino |
Arizona taxpayers could face nearly $200 million in additional costs if the state fails to reduce its Supplemental Nutrition Assistance Program (SNAP) payment error rate in the coming years.
Data from the U.S. Department of Agriculture shows Arizona’s SNAP payment error rate reached 10.8% in Fiscal Year 2025, ranking 33rd nationally and rising from 8.84% in Fiscal Year 2024.
Under changes enacted through the One Big Beautiful Bill Act (H.R. 1), states with SNAP payment error rates below 6% by Fiscal Year 2028 will avoid cost-sharing requirements with the federal government.
States with error rates between 6-8% must provide a 5% match, those between 8-10% a 10% match, and states exceeding 10% a 15% match.
If Arizona’s error rate remains at 10.8% in Fiscal Year 2028, the state would be subject to the highest matching requirement.
Based on Fiscal Year 2025 figures, eight states recorded error rates below 6% (Idaho, Nebraska, Nevada, South Dakota, Utah, Vermont, Wisconsin, and Wyoming), while six fell between 6-8%. Another 16 states posted rates between 8-10%, and 20 states exceeded 10%.
Zach Milne, senior economist at Common Sense Institute Arizona said the state has a strong incentive to improve its performance.
Mile told The Center Square, “Improving program accuracy strengthens program integrity and helps the state avoid potentially significant federal cost-sharing penalties.”
He described Arizona’s elevated error rate as a relatively recent development, noting that the state’s rate stood at 5.2% in Fiscal Year 2019 — below the new federal threshold.
The Arizona Legislature passed several measures during the 2026 session aimed at lowering the state’s SNAP payment error rate, but they were vetoed by Governor Hobbs.
Senate Bill 1002 would have expanded eligibility verification tools for the Arizona Department of Economic Security, while Senate Bill 1331 proposed work requirements for SNAP recipients age 60 and younger.
Senate Bill 1334 would have barred the department from seeking work-requirement waivers for able-bodied adults without dependents. House Bill 2206 sought to require the state to reduce its SNAP payment error rate to below 3% by 2030.
In her veto messages, Hobbs argued that the legislation duplicated ongoing efforts by the Department of Economic Security to improve accuracy, including enhanced eligibility verification, additional staffing and training, and investments in technology.
“SNAP is the most robust and effective anti-hunger tool we have in Arizona-I know this firsthand,” Hobbs said in her veto letter of the three Senate Bills. “It’s also the most secure, thanks to strong anti-fraud measures and oversight. Instead of creating more needless frustration for Arizona families, I invite you to join me in actually lowering costs for them.”
She also criticized H.R. 1 for imposing unfunded mandates that she said have strained agency resources, noting that she allocated $7.5 million to increase the department’s capacity. Hobbs maintained that the vetoed bills would have added further unfunded requirements without providing resources for implementation or modernization.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Jul 14, 2026 | News
By Ethan Faverino |
A new analysis of federal traffic fatality data ranks Arizona among the nation’s most dangerous states for deadly hit-and-run crashes, underscoring the persistent toll of drivers who flee the scene of collisions.
Researchers at Andrew Pickett Law examined data from the National Highway Traffic Safety Administration’s Fatality Analysis Reporting System covering 2019 through 2024.
Arizona ranked eighth nationwide for per-capita risk, averaging 1.55 hit-and-run fatalities per 100,000 licensed drivers. During the six-year period, the state recorded 535 hit-and-run deaths among 7,081 total traffic fatalities.
Arizona also placed 11th nationally for the share of traffic deaths involving a fleeing driver, with hit-and-run crashes accounting for 7.56% of all vehicle crash fatalities.
New Mexico led the nation in per-capita risk, followed by Louisiana (1.84) and Tennessee (1.83). California recorded the highest percentage of overall traffic fatalities involving hit-and-run drivers at 11.01% followed by Hawaii (10.03%), and Nevada (9.81%).
“Leaving the scene of an accident is a critical public safety crisis that costs thousands of lives every year,” stated personal injury lawyer Andrew Pickett. “Drivers need to understand that panic is no excuse. Staying at the scene, rendering immediate aid, and contacting emergency services is a universal responsibility that can mean the difference between life and death for an injured victim.”
The findings align with a recent report from the AAA Foundation for Traffic Safety, which found that hit-and-run crashes nationwide accounted for more than 919,000 police-reported collisions, nearly 243,000 injuries, and 2,872 deaths in 2023.
Arizona’s most recent statewide figures paint a similar picture. In 2024, the state recorded 16,136 hit-and-run crashes, resulting in 4,202 injuries and 86 deaths. That total represented an increase of 488 incidents compared with 2023.
Arizona law imposes severe penalties for leaving the scene of a crash involving death or serious physical injury. A conviction for a Class 2 felony hit-and-run offense can carry a prison sentence of up to 12.5 years for a first-time offender, in addition to lengthy license suspension, including a 10-year revocation in fatal cases.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Jul 12, 2026 | Economy, News
By Ethan Faverino |
The Joint Economic Committee (JEC) released its July 2026 Monthly Debt Update, reporting that the total gross national debt reached $39.38 trillion as of July 3, 2026.
Debt held by the public totaled $31.68 trillion, while intergovernmental debt stood at $7.71 trillion.
According to the JEC, the nation’s debt has risen by $2.81 trillion over the past year and by $10.90 trillion over the past five years.
During the previous 12 months, the debt increased at an average pace of $7.71 billion per day, $321.15 million per hour, $5.35 million per minute, or $89,208.39 per second.
The annual increase equates to $8,204.76 per person and $20,814.36 per household, while total gross national debt now amounts to $115,188 per person and $292,217 per household.
Based on the average daily growth rate observed during the past three years, the United States is projected to surpass $40 trillion in gross national debt around October 2026. At the current pace, each additional trillion dollars of debt would accumulate in approximately 155 days.
The report also highlights the growing cost of servicing the federal debt. As of June 2026, the average interest rate on the total marketable national debt was 3.411% up from 3.375% one year earlier and 1.472% five years ago.
Over the past 12 months, the federal government paid $294.32 billion in interest to trust funds, averaging $24.53 billion per month.
According to projections from the Congressional Budget Office, net interest payments will account for 13.95% of federal outlays in FY26 rising to 14.25% in FY27, and 14.94% in FY28.
Treasury securities remain the primary component of publicly held debt. Of the $31.68 trillion in public debt outstanding, $16.06 trillion is held in notes, $6.69 trillion in bills, $5.45 trillion in bonds, and $3.49 trillion in other securities.
Treasury demands remain robust, with June 2026 bid-to-cover ratios of 2.72 for four-week bills, 2.40 for 10-year notes, and 2.30 for 30-year bonds.
Approximately 33% of publicly held marketable debt is scheduled to mature within the next 12 months, while the average maturity of marketable debt stood at 70 months as of March 2026.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Jul 10, 2026 | Economy, News
By Ethan Faverino |
The Joint Economic Committee’s latest analysis of federal trade data shows the U.S. trade deficit widened in May, reaching $77.58 billion — the largest monthly gap since March 2025.
The deficit increased by $23.02 billion from April and stood 28% above its 12-month average as exports declined and imports climbed.
Goods trade accounted for the bulk of the imbalance, with the goods deficit rising to $106.48 billion, up $23.57 billion from April, while the nation’s services surplus increased modestly to $28.90 billion, up $557 million from April.
Total exports fell to $317.68 billion in May, led by a decline in goods shipments of $11.29 billion, whereas imports rose to $395.26 billion as purchases of both goods and services increased by $12.50 billion.
Over the twelve months ending in May 2026, the United States recorded a cumulative trade deficit of $728.02 billion. Goods trade posted a $1.06 trillion deficit, partially offset by a $336.00 billion surplus in services. During that period, exports totaled $3.59 trillion and imports reached $4.32 trillion.
The nations largest goods trade deficits were with Vietnam ($203.85 billion), Mexico ($199.18 billion), and Taiwan ($194.38 billion), while its largest surpluses were with the Netherlands ($75.57 billion), the United Kingdom ($44.48 billion), and Hong Kong ($41.23 billion).
Civilian aircraft and related equipment, non monetary gold, and pharmaceutical preparations led the U.S. exports by value, accounting for 17.54% of all exported goods in the past 12 months. Whole computers, pharmaceuticals preparations, and computer accessories were the top imports accounting for 19.83%.
Mexico and Canada remained the country’s leading trading partners on both the export and import sides, joined by the United Kingdom among export destinations and China among import sources.
Major gateways for trade activity from May 2025 to May 2026 included the port districts of New York City ($273.88 billion), Houston-Galveston ($266.35 billion), and Laredo ($169.20 billion) for exports.
Over the same period Los Angeles ($379.22 billion), Chicago ($331.73 billion), and Laredo ($328.22 billion) were the port districts with the highest imports.
The United States collected $296.97 billion in import duties over the past year with $21.03 billion in May 2026. Passenger cars, vehicle parts, and electric apparatus generated the greatest duty revenue.
China accounted for the largest share of those duties, followed by Vietnam and Mexico accounting for around 46% of all applied duty rates.
Currency movements also shaped trade conditions. Between May 2025 and May 2026, the U.S. dollar weakened against the Chinese yuan by 6%, the euro by 2.1%, and the Mexican peso by 9.8%, while strengthening against the British pound by 0.5% and Japanese yen by 11.5%.
Exports prices rose 11.21% year-over-year, while import prices increased 4.61%, with fuel imports experiencing particularly sharp inflation at 35.89%.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
