U.S. consumer confidence hits record low amid inflation concerns
Svmuureported that, affected by the Iran war, the U.S. consumer confidence index fell to a record low in May, and long-term inflation expectations also significantly worsened. Data shows that the final reading of the University of Michigan's consumer confidence index for May fell to 44.8. Consumers expect an annualized price increase of 3.9% over the next five to ten years, up from 3.5% in April, marking a seven-month high. They also expect prices to rise by 4.8% in the coming year. Gas prices continue to hover near their highest levels since 2022, exacerbating Americans' concerns about rising living costs and the failure to reach an agreement to end the war. The impact of inflation on household budgets, especially for low-income consumers, poses risks to future spending prospects. Joanne Hsu, the survey's director, said: "The cost of living remains the primary concern, with 57% of respondents voluntarily pointing out that high prices are eroding their personal finances, up from 50% last month." She stated: "The key point is that consumers seem to worry that inflation may not only spread beyond fuel prices to other areas but could also persist for a long time into the future." (Jin Shi)
No AI analysis yet. Tap the "AI Analysis" button above to generate one now.
Source:Odaily · Source Link
Disclaimer: This content reflects only the author’s personal views and does not constitute any investment or financial advice. If you discover any content that violates regulations,Click to Report
24H Trending
-
1
Aethir (ATH) Token Value Analysis: Decentralized Cloud Computing Project Potential and Risk Assessment
-
2
Bitcoin rises above $77,000, bucking tech selloff driven by AI safety concerns and rising oil prices
-
3
Guyana's President: Oil Revenue Surges Due to Iran Conflict
-
4
NOAH Coin Analysis: Distinguishing Between Controversial Projects and Active Payment Infrastructure
-
5
RIKEN Coin Value Analysis: Numerous Projects Share the Same Name, What's Its Investment Potential?
-
6
FXBK Coin Analysis: What Is It? Is It Worth Investing In?
-
7
Cosco Shipping Heavy Industry Completes China IPO Guidance Registration
-
8
Beginner's Guide to Bitcoin Trading: A Comprehensive Analysis of Security Risks and Prevention Strategies
-
9
Taiwan to open second quasi-diplomatic mission in the Philippines, sources say
-
10
Samsung Display develops world's first 6.9-inch mobile OLED panel with 2K resolution, 165Hz refresh rate, and 30% lower power consumption
Markets Today
Recommended Reading







