Coronavirus Impact on the Economy

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  The Great Squeeze

  

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  “The Great Squeeze” is on — prices are soaring on everything from groceries to gasoline. And buying a home just got even more expensive: The fixed 30-year mortgage rate topped 5% for the first time in years. This has all put the squeeze on American families. Many are thinking about where they can cut back spending to ride it out. And, 81% of U.S. adults are worried that skyrocketing inflation could lead to a recession this year, according to a new CNBC + Acorns survey conducted by Momentiv.

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  The U.S. job market is improving

  

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  The U.S. job market is slowly improving, with 559,000 jobs added to nonfarm payrolls and the unemployment rate falling to 5.8% in May. What's really encouraging is that the number of long-term unemployed workers is finally starting to decline. Here's a look at where the jobs were added and where some of the weak spots are. Plus, tips for nailing a job interview.

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  Masks are coming off

  

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  Since the CDC announced its new mask policy, a slew of retailers including Walmart, Target, Costco and Starbucks said they won’t require masks for the vaccinated. And, while some states and companies are still requiring masks indoors, former FDA chief Scott Gottlieb said, “Nobody is going to be wearing masks” by June. The prevalence of Covid in the U.S. will be sufficiently low and “we’re just not going to be concerned about it,” Gottlieb said.

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  No more masks?

  

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  The CDC was both cheered and criticized for its new policy that vaccinated people no longer have to wear masks. How will anyone know? Retail workers don’t want to be the vaccine “police.” Some places are going to still require masks indoors for a while. So, experts say don’t expect the rules at restaurants, stores and other locations to change overnight.

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  Coronavirus

  

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  Get all the latest news on coronavirus from CNBC.

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  House passes $2.2 trillion Democratic coronavirus stimulus bill

  CNBC - Jacob Pramuk

  The House passed a $2.2 trillion Democratic coronavirus stimulus plan on Thursday night even as Democrats and the Trump administration struggle to …