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 and 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.
The average long-term U.S. mortgage rate rose this week above 7% for the first time since January 2025, the latest affordability setback for prospective homebuyers following a five-week run of rate increases.
The weekly average rate on a 30-year fixed-rate home loan rose to 7.03% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.30%.
The average rate is now the highest it’s been since Jan. 16, 2025, when it was at 7.04%.
Higher mortgage rates can add hundreds of dollars a month to borrowers’ costs, limiting homebuyers’ purchasing power. As rates rise, that can also lead prospective home shoppers to delay buying.
The Energy Department said Thursday that it will spend almost $2 billion to try to squeeze more electricity out of the nation’s aging and stressed power grid, as President Donald Trump’s administration steps up efforts to avoid blackouts amid skyrocketing energy demand spurred by artificial intelligence.
The money will go toward 31 projects across 26 states that are expected to produce more than 23 gigawatts of additional electricity capacity — enough to power 16 million homes. The projects will use new technologies such as sensors to measure real-time weather conditions to ensure safe transmission or direct power away from congested paths, the department said.
The upgrades could improve power reliability and lower electricity costs for about 100 million Americans, officials said.
The announcement comes amid warnings that AI’s voracious demand for power is threatening to overwhelm U.S. power supplies, as massive new data centers come online faster than new power plants can be built. It also comes as electricity bills rise faster than inflation in many parts of the U.S., blamed in some areas on demand from data centers.
Nearly everyone will feel the impact of what’s going on in the bond market, no matter how far away and abstract it may seem.
Bond yields have jumped to their highest levels in roughly two decades, and that affects anyone who borrows money. That includes discouraged people trying to keep up with high inflation, as well as businesses wanting to build data centers for artificial-intelligence technology.
High yields even affect people who don’t borrow money. For savers, it means they can earn more in interest by putting cash into bonds or a high-yield savings account. It could also knock down the value of the stocks in their 401(k) accounts.
Fewer people applied for U.S. unemployment benefits last week, as U.S. jobless claims remain at historically low levels and most Americans enjoy job security.
The Labor Department said Thursday that 197,000 people applied for unemployment checks last week, the fewest since mid-July and down from a revised 198,000 the week before. The four-week average of claims, which smooths out week-to-week ups and downs, fell to 202,250 last week from 204,000.
Claims for jobless benefits are a proxy for layoffs, and economists watch them because they can be a sign of where the job market is headed. So far this year, claims have mostly stayed below 220,000 — historically low.
Cooling oil and a sell-off in the bond market left Wall Street mixed this week.
The S&P 500 was virtually unchanged, but only after flipping between earlier gains and losses. It eased off a three-day losing streak to end the week, marred by big swings caused by rising yields in the bond market. The Dow Jones Industrial Average was up and the Nasdaq composite was lower.
The S&P 500 is near its all-time high set last month and on track to finish its first winning week in the last three.
Energy Secretary Chris Wright speaks at a news conference at a PPL Corp. facility to announce that the Energy Department will spend almost $2 billion to try to squeeze more electricity out of the nation's aging and stressed power grid, Wednesday, Sept. 24, 2026, in Allentown, Pa. (AP Photo/Marc Levy)
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Sept. 16, 2026. (AP Photo/Seth Wenig)
PARIS (AP) — Hundreds of thousands of people packed Paris’ iconic Champs-Élysées avenue for Pope Leo XIV’s big outdoor Mass on Saturday, a sign of the Catholic Church’s enduring appeal in the once staunchly Catholic but officially secular country.
The American pope greeted the flag-waving, cheering throngs from his popemobile during a 2-kilometer (1.2-mile) parade along the grand boulevard leading to the Place de la Concorde for Mass, essentially the heart of Paris and a symbol of the French republic.
The Vatican estimated that 700,000 people came out — more than the 600,000 who had registered in advance. The turnout testified to the church’s lasting influence in France, despite sharp declines in churchgoing in recent decades and secularizing trends that have emptied churches around Europe.
In his homily, Leo asked those there to not keep their faith to themselves. “Let it overflow, so that those you meet may be refreshed and their thirst satisfied,” he said.
“From this beautiful city of Paris, I pray fervently that the living water of the Holy Spirit may flow throughout France,” he said.
Although a massive security blanket shut down central Paris to road traffic, the party-like atmosphere drew people of multiple faiths and no faith at all. The fervor spanned generations. People brought dozens of babies and young children from the crowd for Leo to caress on the head as he rode slowly past aboard the popemobile.
“The message of Pope Leo goes well beyond Catholic people; he speaks about social justice, for example,” said Leontine Joseph, 42, a fervent Catholic who came with two friends of Moroccan origin who grew up in Muslim culture.
Leo has sought to encourage French Catholics to persevere in their faith “even amid the thorns” of a secular world during his four-day visit. It began on Friday with his arrival and prayer at the restored Notre Dame, the first by a pope since the cathedral's devastating 2019 fire. After Paris, Leo will pray at the Catholic shrine at Lourdes.
During a visit to the Catholic Institute of Paris on Saturday morning, the pope said he was surprised by the numbers of new converts registered in recent years and grateful for what he said was God’s “unfathomable work” to counter all statistical and sociological analysis.
“We must recognize, welcome and protect the small flame that the Holy Spirit has kindled in the darkness of the night, the tiny seed that strives to grow even amid the thorns,” he said.
The number of adult baptisms in France each year has tripled since 2016, hitting 13,000 this year. But statistics and experts caution that the uptick, which has been recorded also in secular Spain, doesn’t counteract the overall downward trend.
In 1980, there were 513,000 baptisms in France; in 2024, a total of 186,000.
The rivers of people who crammed central Paris and their joyful enthusiasm rivaled other communal but non-religious moments of celebration that marked France in recent decades. Huge crowds celebrated on the Champs-Elysées when France won the soccer World Cup in 1998 and again in 2018.
Many on Saturday didn't identify as Catholics, but came to hear the pope's message.
“People are seeing a lot of really terrible images. This kind of event reminds people of what is really important in life," said Thierry Chen, a 40-year-old Parisian startup entrepreneur who is not Catholic. "You see a lot of different people here, so it’s not just about one race, religion or nation, but about a common belief in humankind.”
Sylvane Le Goff, 68, who lives in the Paris region, came with her 10- and 12-year-old grandchildren to “give them unforgettable memories.” Le Goff, who was raised Catholic but is not practicing, said she wanted to open her grandchildren’s minds.
"It’s not only about seeing the pope but it also is about his message of peace and unity, values I’d like to share with them,” she said.
Leo has clearly been impressed by the numbers and enthusiasm, especially at a Friday night vigil that kept the 71-year-old pope out until nearly 11 p.m. after a packed first day.
Some 80,000 young people filled the national stadium north of the French capital for an extravaganza of fireworks and a theatrical retelling of French Catholic history.
“Thank you for your courage! Thank you for your presence,” Leo told the crowd, speaking off the cuff in French. “Thank you for your faith. You are the saints of France!” he said to raucous cheers.
The giant stage erected for the Mass, capped with a golden cross, and the rows upon rows of choir singers, clergy and others who prayed under the pope’s gaze on Place de la Concorde marked a new chapter for the iconic square steeped in history.
Designed at the end of the 18th century, it was an execution site during the French Revolution. Louis XVI and Marie-Antoinette were guillotined there. For many in France, the square embodies the Republic. It traditionally stages Bastille Day celebrations. In 2024, the Paris Olympics gave it a blast of modernity, using it for break dance, skateboard, BMX and 3X3 basketball events.
Organizers of the Mass said the square was the only area in central Paris that could accommodate such large crowds.
But the choice was criticized by staunch supporters of France’s strict form of secularism in public life based on a 1905 law separating church and state. They argued that the site represents the Republic, and that other places such as the Invalides, a complex of buildings where Pope Benedict XVI celebrated Mass in front of 240,000 people in 2008, would have been more appropriate.
Leo’s visit to Paris came as a birthday present for Jean-Claude Farnabe, who turned 63 on Saturday and spent the morning securing a spot amid the throngs.
A lifelong Catholic, Farnabe attends Mass in the Paris suburb of Suresnes every Sunday, and has recently witnessed a surge in faith.
“There are more and more converts,” he said. “Many youngsters are interested in faith and in God. Every Sunday, I see new people, people aged between 25 and 40, who are getting baptized.”
Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
Pope Leo XIV arrives to celebrate mass at Place de la Concorde, Paris, Saturday, Sept. 26, 2026. (AP Photo/Gregorio Borgia)
Pope Leo XIV celebrates mass at Place de la Concorde, Paris, Saturday, Sept. 26, 2026. (AP Photo/Aurelien Morissard)
Pope Leo XIV arrives to celebrate mass at Place de la Concorde, Paris, Saturday, Sept. 26, 2026. (AP Photo/Aurelien Morissard)
Pope Leo XIV arrives to celebrate mass at Place de la Concorde, Paris, Saturday, Sept. 26, 2026. (AP Photo/Aurelien Morissard)
Pope Leo XIV waves to the crowd on the Champs Elysees avenue before a mass at the Place de la Concorde in Paris, Saturday, Sept. 26, 2026. (AP Photo/Emma Da Silva)
Pope Leo XIV, with the Arc de Triomphe in the background, waves from the popemobile as he arrives to celebrate Mass in Place de la Concorde in Paris, Saturday, Sept. 26, 2026. (AP Photo/Gregorio Borgia)
People wait for Pope Leo XIV on the Champs Elysees avenue before a mass at Place de la Concorde in Paris, Saturday, Sept. 26, 2026. (AP Photo/Emma Da Silva)
Pope Leo XIV waves to the crowd on the Champs Elysees avenue before a mass at the Place de la Concorde in Paris, Saturday, Sept. 26, 2026. (AP Photo/Emma Da Silva)
Pope Leo XIV waves to the crowd on the Champs Elysees avenue before a mass at the Place de la Concorde in Paris, Saturday, Sept. 26, 2026. (AP Photo/Emma Da Silva)
Faithful cheer Pope Leo XIV at the Stade de France in Saint-Denis near Paris during a prayer vigil with young people, Friday, Sept. 25, 2026. (AP Photo/Thomas Padilla)
Pope Leo XIV arrives on the popemobile at the Stade de France in Saint-Denis near Paris to preside over Vespers with young people, Friday, Sept. 25, 2026. (AP Photo/Thomas Padilla)
Pope Leo XIV waves after a prayer vigil with young people at the Stade de France in Saint-Denis near Paris, Friday, Sept. 25, 2026. (AP Photo/Thomas Padilla)
Pope Leo XIV arrives at the Institut Catholique de Paris to meet with members of the provincial synodal assembly, catechumens and neophytes, Saturday, Sept. 26, 2026, in Paris. (AP Photo/Gregorio Borgia)
Pope Leo XIV is welcomed by Archbishop of Paris Laurent Ulrich, left, Cardinal Jean-Marc Aveline, second from right, and Institut Catholique de Paris Rector Emmanuel Petit as he arrives to meet with members of the provincial synodal assembly, catechumens and neophytes at the ICP in Paris, Saturday, Sept. 26, 2026. (AP Photo/Gregorio Borgia)
