President Joe Biden’s attempt to jawbone Americans into being happier with the U.S. economy is not working.
Consumer sentiment fell for the second consecutive month in September, the University of Michigan’s preliminary monthly survey of U.S. households showed on Friday.the University of MichiganThe index had reached its best level in nearly two years in July, giving hope to Democrats that Americans might be getting over their sour mood over the economy. Since then, however, sentiment has been deteriorating slightly.
Inflation expectations showed signs that U.S. consumers see inflation continuing to fall despite the recent stalling of disinflation.Throughout the survey, consumers have taken note of the stalling slowdown in inflation, but they do expect the slowdown to resume. Year-ahead inflation expectations moderated from 3.5% last month to 3.1% this month. The current reading is the lowest since March 2021 and is just above the 2.3-3.0% range seen in the two years prior to the pandemic.
Data released this week showed that inflation picked up in August and real median household income fell last year, dropping by the most since 2010.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »