US Consumers Optimistic Despite Rising Gas Prices

US Consumers Optimistic Despite Rising Gas Prices

US Consumers , Optimistic Despite , Rising Gas Prices.

CNN reports that American consumers remain optimistic that inflation is easing, despite rising gas prices.

CNN reports that American consumers remain optimistic that inflation is easing, despite rising gas prices.

According to a survey by the University of Michigan, consumers' expectations of inflation rates have reached , "the lowest since March 2021 and just above the 2.3-3.0% range seen in the two years prior to the pandemic.".

The survey also found that expectations for the next five to 10 years dropped to 2.7%, , "falling below the narrow 2.9-3.1% range for only the second time in the last 26 months.".

The drop in five-to-10-year inflation expectations … is a seriously welcome development, Ian Shepherdson, chief economist at Pantheon Macroeconomics, via CNN.

We have argued for some time that a clear downshift in inflation expectations was overdue, and this decline is a big step towards normalization, Ian Shepherdson, chief economist at Pantheon Macroeconomics, via CNN.

We have argued for some time that a clear downshift in inflation expectations was overdue, and this decline is a big step towards normalization, Ian Shepherdson, chief economist at Pantheon Macroeconomics, via CNN.

CNN reports that optimism dropped to its lowest level on record in 2022, when gas prices broke $5 a gallon and inflation swelled to a forty-year high.

CNN reports that optimism dropped to its lowest level on record in 2022, when gas prices broke $5 a gallon and inflation swelled to a forty-year high.

The survey also showed that consumers in the U.S. are concerned about a looming potential government shutdown.

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On the bright side, CNN reports that gas prices could begin to creep lower in the fall as demand decreases.

Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand, Andrew Gross, AAA spokesperson, via CNN.

The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant.

But the usual decline in pump prices is being stymied for now by these high oil costs, Andrew Gross, AAA spokesperson, via CNN.

The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant.

But the usual decline in pump prices is being stymied for now by these high oil costs, Andrew Gross, AAA spokesperson, via CNN