WASHINGTON: Americans' feelings about the economy deteriorated in May amid concerns about job prospects, but remained relatively strong even as high inflation bites, according to a survey released on Tuesday .
But supply chain snarls, made worse by COVID-19 lockdowns in China, meant demand has outstripped supply, and that dynamic has fuelled inflation. "That said, with the Expectations Index weakening further, consumers also do not foresee the economy picking up steam in the months ahead. They do expect labour market conditions to remain relatively strong, which should continue to support confidence in the short run."
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