US consumer confidence deteriorated in May: Survey

31/5/2022 10:38:00 PM

US consumer confidence deteriorated in May: Survey

US consumer confidence deteriorated in May: Survey

WASHINGTON: Americans\u0027 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 (May 31). Amid the fastest increase in US consumer prices in more than four decades, made wors

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 (May 31).Amid the fastest increase in US consumer prices in more than four decades, made worse by the war in Ukraine, consumer confidence dipped slightly after a modest increase in April, falling to 106.4 from 108.6, according to The Conference Board's monthly survey.

Consumers flush with savings and government support money have been a key driver of the recovery of the world's largest economy, spending freely on big-ticket purchases like homes, cars and appliances.But supply chain snarls, made worse by COVID-19 lockdowns in China, meant demand has outstripped supply, and that dynamic has fuelled inflation.

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Amid the fastest increase in US consumer prices in more than four decades, made worse by the war in Ukraine, consumer confidence dipped slightly after a modest increase in April, falling to 106.4 from 108. Steve Okun, senior advisor, McLarty Associates - standing in for ST's US bureau chief Nirmal Ghosh - shares how the US is reacting to and coping with these local and international issues.6, according to The Conference Board's monthly survey. OPINION | Does Singapore’s international stance always gel with its internal policies?   Photo: freepik/rawpixel. Consumers flush with savings and government support money have been a key driver of the recovery of the world's largest economy, spending freely on big-ticket purchases like homes, cars and appliances.3's Adrian Abraham, sitting in for Elliott Danker. But supply chain snarls, made worse by COVID-19 lockdowns in China, meant demand has outstripped supply, and that dynamic has fuelled inflation. But such power has its limits, says global affairs correspondent Jonathan Eyal.

Feelings about the present situation dropped for the second month, falling more than three points to 149. They also debate President Joe Biden's comments on its support of Taiwan against China. While this is a high-profile and prestigious group to be a part of, how does this gel with Singapore’s internal policies? In the last two years, there was outrage among Singaporeans that its last few remaining green spaces such as Dover Forest and Clementi forest are zoned for residential purposes.6, caused by the deterioration in views on the labour market, with an increasing share of respondents saying jobs are"hard to get," according to the report. Expectations for six months ahead retreated slightly to 77. Produced by: Nirmal Ghosh ( ) & Money FM's Breakfast Huddle team Edited by: Nadhirah Kamarudin and Penelope Lee Follow Washington Report every Monday on our Asian Insider Podcast channel: Channel:.5 after gaining in the prior month. Lynn Franco, the institution's senior director of economic indicators, noted that the readings are still relatively high despite the declines.

"Overall, the Present Situation Index remains at strong levels, suggesting growth did not contract further in Q2," Franco said in a statement, referring to the current April-June quarter. "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." The Federal Reserve has launched an aggressive cycle of interest rate increases to tamp down inflation by cooling demand, which Franco said"pose continued downside risks to consumer spending this year." The survey also measures consumers' spending plans in the next six months, and shows a slowdown in intentions to purchase high-dollar items like homes and cars.

"Vacation plans have also softened due to rising prices. Indeed, inflation remains top of mind for consumers," Franco said. Ian Shepherdson of Pantheon Economics noted that households still have a stockpile of cash and"So far, they have been willing to dip into these savings despite reporting that they feel less positive. It's not called retail therapy for nothing, but we just don't know how long it will continue." Source: AFP/ec .