Wednesday, September 28, 2022

US consumer confidence hits three-month high – Nation World News

US consumer confidence rose higher than expected in August as inflation expectations for the year ahead eased, suggesting Americans are becoming more optimistic as gasoline prices continue to slide.

According to data released on Friday, the University of Michigan sentiment index rose to 58.2 from 51.5 in July, the highest level since May. Consumers expect prices to grow at a 2.9% annual rate over the next five to 10 years, unchanged from the previous month. He estimates costs will increase by 4.8% next year, compared to a 5.2% forecast in July.

“The increase in confidence was observed across the areas of age, education, income, region and political affiliation, and can be attributed to the recent slowdown in inflation,” said survey director Joan Sue in a statement.

Americans are battling the fastest inflation in a generation, which is outpacing wage growth and driving up borrowing costs. While the fall in gas prices provided some short-term respite, food and rent prices remain very high.Outlines a painfully high cost of living.

The current situation index reached a three-month high of 58.6. A measure of expectations recorded a monthly correction since 2003, reaching its highest level since April. In addition, personal financial expectations increased by 12% over the previous month.

Earlier on Friday, a report showed that US inflation-adjusted spending rose gradually in July, even as a key measure of inflation declined, indicating that the economy continues to feel a decline in prices.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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