six months from now has reached its lowest point since 2013 in June, according to the Conference Board, a research group.What’s agitating consumers is no secret: They’re reeling from painful prices at gasoline stations, grocery stores and auto dealerships.skyrocketed 9.1% in June from a year earlier, a pace not seen since 1981. The price of gasoline has jumped 61% over the past year, airfares 34%, eggs 33%.
“There is a risk of overdoing it,’’ warned Ellen Gaske, an economist at PGIM Fixed Income. “Because inflation is so bad right now, they are focused on the here and now of each monthly CPI report. The latest one showed no letup.’’Despite inflation, rate hikes and declining consumer confidence, one thing has remained solid: The job market, the most crucial pillar of the economy. Employers added a record 6.7 million jobs last year.
Still, it’s unclear how long a hiring boom will last. In keeping up their spending in the face of high inflation, Americans have been drawing down the heavy savings they built up during the pandemic. That won't last indefinitely. And the Fed's rate hikes mean it’s increasingly expensive to buy a house, a car or a major appliance on credit.
Source: Financial Digest (financialdigest.net)
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