Meaning of the word "the word on the street" in English

What does "the word on the street" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

the word on the street

US /ðə wɜrd ɑn ðə striːt/
UK /ðə wɜːd ɒn ðə striːt/

Idiom

rumors or unofficial information that is being discussed by many people

Example:
The word on the street is that the company is going to announce layoffs next month.
I heard the word on the street that they're opening a new restaurant downtown.