India  

Consumer Outlook Plunges Amid Fears of More Price Hikes Ahead

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Consumer Outlook Plunges Amid Fears of More Price Hikes Ahead

Consumer Outlook Plunges Amid Fears of More Price Hikes Ahead

Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.

CNN reports that sentiment about the economy among consumers in the United States has plummeted to the lowest level in the past six months.

According to the latest consumer survey by the University of Michigan, consumers are also bracing for more price increases in the year ahead.

.

The consumer expectations gauge, which is closely monitored by the White House, dropped 13%, representing the most significant single month decline since mid-2021.

The latest news is still better than last May when inflation was at 4% compared to the current 3.5% reading.

However, CNN points out that despite inflation being lower than the same time last year, the numbers have been moving in the wrong direction.

The trajectory has shifted economist expectations for the Federal Reserve to cut rates.

.

The latest Fed report saw expectations for year-ahead inflation increase to 3.5% from the 3.2% forecast in April.

.

At the same time, long-run expectations for inflation also increased to 3.1% from April's 3.0%.

.

According to Chicago Federal Reserve President Austan Goolsbee, the latest data , "bodes awful for progress on inflation.".

There isn’t, at this time, much evidence in my view that inflation is stalling out at 3%, Austan Goolsbee, Chicago Federal Reserve President, via CNN


You Might Like


💡 newsR Knowledge: Other News Mentions

White House White House Official residence and workplace of the US president

Could Donald Trump seek a third term as president? [Video]

Could Donald Trump seek a third term as president?

Former and incoming President Donald Trump has previously implied that he could run for the White House again in 2028.

Credit: euronews (in English)    Duration: 02:00Published

Civility at White House ahead of new world - as Trump sends Washington into another tailspin

At the White House on Wednesday, a hugely anticipated moment - the beginning of the transfer of power between two such fierce foes.
Sky News
Trump returns to Washington for meeting with Biden, promises smooth transition [Video]

Trump returns to Washington for meeting with Biden, promises smooth transition

US president-elect Donald Trump visited the White House on Wednesday for an Oval Office meeting with President Joe Biden, where both pledged to ensure a smooth transition of power.

Credit: euronews (in English)    Duration: 00:38Published

Donald Trump Visits White House to Meet with President Biden, Melania Declines

8:20 AM PT -- And, with that, the meeting is over. Trump and Biden smiled for cameras as Secret Service and staffers ushered the yelling reporters out of the..
TMZ.com
Blinken in Brussels as Ukraine faces uncertainty with Trump’s return [Video]

Blinken in Brussels as Ukraine faces uncertainty with Trump’s return

US Secretary of State Antony Blinken visited Brussels for urgent talks with EU and NATO officials on boosting support for Ukraine, amid concerns over potential policy shifts after Donald Trump returns to the White House.

Credit: euronews (in English)    Duration: 01:20Published

Chicago Chicago Most populous city in Illinois, United States

Jussie Smollett's Conviction in 2019 Alleged Hoax Attack on Himself is Overturned | THR News Video [Video]

Jussie Smollett's Conviction in 2019 Alleged Hoax Attack on Himself is Overturned | THR News Video

Actor Jussie Smollett who was accused of faking a homophobic attack on the streets of Chicago in 2019, had his conviction overturned by the Illinois Supreme Court. His case was overturned after a judge had ruled that his second prosecution after the case had already been resolved was a violation of his right to due process.

Credit: The Hollywood Reporter    Duration: 01:49Published