The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store or gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses.
Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you.
A key inflation gauge that is monitored closely by the Federal Reserve accelerated in April to the highest level in three years, squeezing Americans’ finances and creating political challenges for President Trump and congressional Republicans with midterm elections just five months away.
Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% in March and the highest since May 2023. On a monthly basis, prices rose 0.4%, down from the 0.7% jump in March but still higher than the inflation-fighters at the Federal Reserve would prefer.
Thursday’s inflation report also showed that in addition to gasoline, prices for groceries, clothing and electricity are also on the rise, suggesting that inflation may be growing more entrenched.
U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices that have neared record levels.
The Conference Board’s consumer confidence index slipped 0.7 points to 93.1 in May, the first decline after three months of gains.
The index follows a separate gauge of consumer sentiment released last week by the University of Michigan, which fell to a record low this month. Spikes in gas prices as well as higher food costs have worsened inflation, which has outpaced the growth in average paychecks, reducing most Americans’ purchasing power. Americans have soured on President Trump’s economic policies, polls show, potentially creating problems for Republicans heading into the midterm elections.
The average long-term U.S. mortgage rate rose again this week, reaching its highest level in nine months, another setback for prospective homebuyers.
The benchmark 30-year fixed rate mortgage rate rose to 6.53% from 6.51% last week, mortgage buyer Freddie Mac said Thursday. Despite the latest increase, the average rate remains below 6.89%, where it was a year ago.
When mortgage rates rise they can add hundreds of dollars a month in costs for borrowers, reducing their purchasing power.
Rates have been mostly trending higher since the war with Iran began, disrupting the passage of tankers ferrying crude oil from the Persian Gulf to customers worldwide. That’s sent oil prices sharply higher — a key driver of inflation.
More Americans sought unemployment benefits last week, but layoffs remain low despite economic uncertainty caused by the Iran war.
The Labor Department reported Thursday that jobless claims were up to 215,000, up from 210,000 the week before. The four-week moving average of claims, which smooths out week-to-week volatility, rose by nearly 6,300 to 209,000.
The number of Americans signing up for unemployment benefits — a proxy for layoffs — has stabilized in a low range of mostly 200,000 to 250,000 a week since the U.S. economy emerged from a brief but nasty pandemic recession in 2020.
The total number of people collecting jobless aid rose by 15,000 to 1.79 million the week that ended May 16.
The persistently low number of claims suggests that most U.S. companies have not resorted to layoffs. But even if they’re not cutting jobs, employers haven’t been adding many either. Last year, companies, nonprofits and government agencies added fewer than 10,000 jobs a month, the weakest hiring outside recession years since 2002.
Stocks rose on Wall Street Friday, adding to the all-time highs they set a day earlier.
The S&P 500 climbed slightly. The index is coming off six gains in a row and is headed for a ninth straight winning week, which would be the longest such streak since 2023.
Every major index is on track for records and to close out May with solid gains, despite worries about the U.S. war with Iran and its impact on inflation.
Markets in Europe and Asia mostly rose.
Trader Edward Curran, left, and specialist Meric Greenbaum, center, work on the floor of the New York Stock Exchange, Friday, May 22, 2026. (AP Photo/Richard Drew)
PARIS (AP) — Two days after Jannik Sinner’s shocking meltdown at the French Open, it’s still unclear what exactly the issue was that led to him wasting a seemingly insurmountable advantage in his second-round match.
What is clear, though, is that the top-ranked player has had a series of issues with heat and cramps in big matches throughout his career.
Sinner said after wasting a two-set and 5-1 advantage in his five-set loss to Juan Manuel Cerundolo that he didn’t feel well when he woke up the morning of Thursday’s match.
Amid a week-long Paris heat wave, the temperature on Court Philippe-Chatrier rose to 32 C (90 F) during the match, and Sinner was clearly having a tough time cooling himself down as he reached for multiple ice bags and used a hand-held fan.
Still, he said the heat wasn't the issue.
“I think many things together caused this problem,” he said. “I just need my time now to process what went wrong here.”
It was Sinner’s 12th loss in 18 career five-set matches.
Here’s a look at some other matches during which Sinner had physical issues:
Less than two weeks before his French Open defeat, Sinner leaned on his racket bent over in exhaustion during an Italian Open semifinal against Daniil Medvedev.
Sinner had his right thigh treated by a trainer midway through the second set and drank pickle juice to relieve cramps. He was seen vomiting or spitting something out in the corner of the court in the night match, which was held in humid conditions.
Still, he had regained control of the match before it was suspended overnight due to rain, and he came back the next day and finished it off in three sets and went on to win the title.
In the third round of this year’s Australian Open, Sinner was limping and desperately trying to stretch out cramps in his arms and legs amid severe heat against Eliot Spizzirri.
Sinner acknowledged he was lucky when the extreme heat rules saved him and the roof was closed just as he went down a break in the third set. He won it in four sets.
The Italian star, who was the two-time defending champion in Australia, was beaten by Novak Djokovic over five sets in the semifinals.
Amid extreme humidity in the third round of his title defense at the Shanghai Masters in October, Sinner retired midway through the third set against Tallon Griekspoor.
He limped between points and frequently massaged his right thigh in the deciding set. On a changeover, he didn’t sit and instead put his legs up on his bench to try and ward off a cramp.
Sinner retired 22 minutes into the Cincinnati Open final against Carlos Alcaraz last year because of illness, amid extreme heat.
He put an ice pack on his head during a changeover but was clearly having trouble from the start.
“Didn’t feel great from yesterday,” Sinner said. “Also during the night, I thought I would recover a bit better, but it was not the case. I just tried to go out for the fans, trying to give a match. But it was not meant to be for me today.”
It was the first time in his career that he retired during a final. After he stopped playing, Alcaraz went over and put his arm around his rival as Sinner sat in his chair.
In the fourth round of the 2025 Australian Open against Holger Rune, Sinner advanced in four sets as both players struggled with the heat.
In the third set, Sinner’s hand was trembling during a changeover. He asked for a trainer, and told a ball kid to bring him something to drink from his team. The player’s pulse was checked, and then he trudged off with a towel draped around his neck and a bottle in each hand.
Sinner went on to win the title.
During a five-set loss to Medvedev in the 2024 Wimbledon quarterfinals, Sinner felt ill and dizzy and said he hadn’t slept well the night before.
He was treated by a trainer and left the court during the third set, then briefly surged before faltering again.
(corrects from cucumber juice in Rome section of previous story to pickle juice)
AP tennis: https://apnews.com/hub/tennis
Jannik Sinner of Italy reacts as he plays against Juan Manuel Cerundolo of Argentina during their second round men's singles tennis match at the French Open tennis tournament in Paris, Thursday, May 28, 2026. (AP Photo/Thibault Camus)
Jannik Sinner of Italy receives medical assistance during a break at the second round men's singles tennis match against Juan Manuel Cerundolo of Argentina at the French Open tennis tournament in Paris, Thursday, May 28, 2026. (AP Photo/Aurelien Morissard)
Jannik Sinner of Italy reacts as he cools himself with the water during a break at the second round men's singles tennis match against Juan Manuel Cerundolo of Argentina at the French Open tennis tournament in Paris, Thursday, May 28, 2026, as temperature rises up to 33 C (91 F). (AP Photo/Thibault Camus)
Jannik Sinner of Italy reacts as he feels unwell because of the heat during the second round men's singles tennis match against Juan Manuel Cerundolo of Argentina at the French Open tennis tournament in Paris, Thursday, May 28, 2026, as temperature rises up to 33 C (91 F). (AP Photo/Thibault Camus)
