CNBC
29 May 2026, 17:39 UTC · 1h ago
Source · https://www.cnbc.com/2026/05/29/energy-costs-inflation-iran-war-trump.html
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Rising energy costs due to the U.S.-Iran war have cumulatively cost American consumers nearly $60 billion, with the average household spending an extra $447.19. — Significant erosion of household disposable income directly reduces aggregate consumer spending, which is a primary driver of GDP.
-0.70The U.S. personal savings rate fell to 2.6% in April, one of the lowest levels since the global financial crisis. — Low savings rates indicate consumers lack a buffer, making the economy highly vulnerable to further price shocks or economic downturns.
-0.60U.S. credit card debt reached $1.25 trillion in the first quarter, up nearly 6% year-over-year and nearing all-time records. — Increasing reliance on debt to maintain spending patterns suggests a fragile consumer base and rising credit risk.
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Goldman Sachs expects higher energy prices to erode consumer spending power through the rest of 2026, particularly for lower-income households. — Long-term guidance of eroded purchasing power suggests a prolonged drag on retail and discretionary sectors.
-0.40Income growth for April came in flat, missing the consensus economist forecast of a 0.4% increase. — Stagnant income growth paired with rising costs confirms a tightening 'income squeeze' for the average worker.
-0.30Ticker attribution
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The company saw record-breaking gas volumes as consumers sought out its lower-priced fuel.
The CEO warned that consumer spending among lower-income cohorts may be worsening due to energy costs.
Goldman Sachs is providing an economic outlook on energy prices without its own business performance being affected.
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