Stamps set to see five price increases over the next three years

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why stamps keep getting more expensive

Transcript

00:00I'm Conway Gaines reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Investors took a victory lap on Thursday,

00:06pushing the Dow and the S&P 500 to fresh record-closing highs.

00:10New data show the economy continues

00:12to grow while inflation cools and the labor market

00:15adjusts to a slower pace.

00:17Along those lines, there are layoffs at Walt Disney.

00:20The company let go of roughly 300 employees

00:22and another round of job cuts.

00:24On Friday, Wall Street will get big news on the inflation front

00:28when the closely watched Personal Consumption

00:30Expenditures Index is released.

00:32It is the Fed's preferred measure of inflation.

00:36Turning now to other headlines, the price of a stamp

00:38is about to go up again and again.

00:42The post office is planning to hike

00:44the cost of a first-class stamp five times

00:46between now and 2027.

00:49The first hike will happen in July 2025

00:52in order to give inflation more time to decline,

00:54the post office said.

00:55After that, there will be two more increases in 2026,

00:59followed by another two in 2027.

01:02In a regulatory filing, the post office

01:04said it needs to raise rates, quote,

01:06given our legal obligation to be financially self-sufficient.

01:10Few things have experienced the level of inflation

01:13seen by a postage stamp.

01:15In 1974, it only cost $0.10.

01:17By 2002, it jumped to $0.34, and now it stands at $0.73.

01:22That's an eye-popping 630% rise over a 50-year period.

01:29That'll do it for your daily briefing

01:30from the New York Stock Exchange.

01:32I'm Conway Gittins with The Street.