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By Kristin Myers, Editor-in-Chief

What's Happening Today

As many Americans look forward to traveling this summer, gas prices are surging around the country. The national average for a gallon of regular gas is now about $4.87, around 25 cents more than just one week ago, according to AAA. Even beyond the gas pump, the cost of travel is only going to continue getting more expensive thanks to inflation.

Prices are also likely to get higher, as crude oil costs are on the rise, sitting near $119 a barrel. Higher oil prices generally precede increases at the gas pump.

Inflation seems like it is here to stay through the summer, and it's making Americans more pessimistic, according to a poll by NORC at the University of Chicago and The Wall Street Journal. An overwhelming majority (83%) of respondents viewed the economy as poor or not so good, while more than a third said they weren't satisfied with their financial situation. That's the highest level of dissatisfaction since 1972, when NORC began asking the question.

Meanwhile, stocks are back on the rise today. On Friday they tumbled after a strong jobs report for May raised the likelihood that the Federal Reserve would get more aggressive with rate hikes to fight inflation. Markets have been volatile as concerns about inflation, the risks of a recession, and supply chain woes weigh on investors.

- Kristin

Editors' Picks

Inflation, Political Division Put US in a Pessimistic Mood, Poll Finds (The Wall Street Journal)

Gas Prices Surge 25 Cents in a Week, Hitting a New Record (CNN Business)

Housing Boom Fails to Lift All Homes Above Previous Cycle's Peak (The Wall Street Journal)

What Can You Use a HELOC For? (The Balance)

Dreams of Improved Supply Chains 'Shattered' for the Near Term: Citi (Yahoo Finance)

I Haven't Saved Enough for My Retirement. What Do I Do Now? (The Balance)

Median vs. Average: What's the Difference? (The Balance)

Off the Charts

Job have been added every month for almost a year and a half, meaning the country is less than 1 million jobs short of recovering all 22 million jobs lost during the initial crush of pandemic lockdowns, according to the latest figures from the Bureau of Labor Statistics. Average wages continue to rise, layoffs are at a record low, and those looking for work still have plenty of options.

Number of the Day

3.8% - That's the annual rate of wage growth in May—a big drop from the peak of 7.9% in October, but a positive sign for avoiding more inflation and a recession.