Business Maverick: US Consumer Confidence Hits 16-Month Low on Drag From Inflation

2022/06/28 20:05:00

US consumer confidence dropped in June to the lowest in more than a year as inflation continues to dampen Americans’ economic views.

US consumer confidence dropped in June to the lowest in more than a year as inflation continues to dampen Americans’ economic views.

US consumer confidence dropped in June to the lowest in more than a year as inflation continues to dampen Americans’ economic views.

A measure of expectations — which reflects consumers’ six-month outlook — dropped to the lowest in nearly a decade as Americans grew more downbeat about the outlook for the economy, labor market and incomes. The group’s gauge of current conditions fell slightly.

As the Federal Reserve raises interest rates to curb price pressures, higher borrowing costs risk denting purchases for big-ticket items like homes, cars and appliances. Despite sagging sentiment, buying plans are so far holding up, the report showed.

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The Conference Board’s index decreased to 98.President Joe Biden rebooted his effort to counter China’s flagship trade-and-infrastructure initiative after an earlier campaign faltered, enlisting the support of Group of Seven leaders at their summit in Germany.Competitions SOUTH AFRICA ","category_class":"child-of-news","time_ago":"20 mins ago","premium":false,"gallery":false,"excerpt":"Police registered an inquest into the death of 21 teenagers and will be investigating issues of compliance to liquor legislation.Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.

7 from a downwardly revised 103.2 reading in May, data Tuesday showed. European officials cited the Biden administration’s inability to get its own ambitious economic legislation through Congress. The median forecast in a Bloomberg survey of economists called for a decline to 100.co. A measure of expectations — which reflects consumers’ six-month outlook — dropped to the lowest in nearly a decade as Americans grew more downbeat about the outlook for the economy, labor market and incomes. The measure has been rebranded the “Partnership for Global Infrastructure and Investment” and the US is calling on leaders to agree to fund the launch of projects in middle- and low income countries to the tune of $600 billion over the next five years. The group’s gauge of current conditions fell slightly.

As the Federal Reserve raises interest rates to curb price pressures, higher borrowing costs risk denting purchases for big-ticket items like homes, cars and appliances. The US would contribute $200 billion in total though it’s unclear what the split would be between private and public sector funding, and how the government plans to convince companies to take part.co. Despite sagging sentiment, buying plans are so far holding up, the report showed. The share of respondents who said they intend to buy a vehicle or major appliance in the next six months increased from a month earlier. “Russia’s invasion of Ukraine in early 2022 and the uncertain economic recovery from COVID-19 threaten to undermine progress,” Chatham House said in a June 24 research paper . At the same time, vacation plans, both domestic and internationally, softened, likely due to higher airfares and gas prices.citizen. Consumers see prices in the next year rising at the fastest rate in the group’s data back to the 1980s.” Expectations have already been tempered.

Separate data on inflation-adjusted consumer spending will be released Thursday. Play Video “Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices,” Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement. Each partner country wants to put its own branding on the partnership, but all would operate under the PGII umbrella.jpg","image_src_narrow":"https:\/\/media. “Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by yearend.” What Bloomberg Economics Says… “The widening gap between consumers’ present situation and their expectations of the future raises the risk of recession. Russia’s actions in Ukraine also serve as a warning for countries worried about being overly indebted to others with the resultant geopolitical risks, the US official said. Apprehension about the direction of the economy could increasingly influence consumer behavior, resulting in a downward spiral of slumping demand.za\/wp-content\/uploads\/2022\/06\/stage-4-load-shedding-300x200.

” –Eliza Winger, economist To read the full note, click here Nearly 30% of respondents expect business conditions to worsen in the back half of the year, the largest share since March 2009, during the height of the financial crisis. That’s led to a shift away from large-scale projects toward ones designed to make Beijing more competitive in other priority sectors, including through its so-called Digital Silk Road. The figures reinforce data last week from the University of Michigan, which showed consumer sentiment in June remained near a record low. Respondents expect prices to rise in the next 12 months at nearly the fastest pace in 40 years.66 billion were announced last year, down from about $80 billion in 2020 and nearly $200 billion the previous year, according to data by Refinitiv.co. The share of consumers who said jobs were “plentiful” decreased slightly to 51.3%, and six months from now, respondents were also more pessimistic. One of the four planks is information and communication technology along with health, climate and gender equality.

The most respondents since August 2020 see their incomes dropping in that time. . The official said the US will also focus on investing in projects that help supply chain security by making the US and other allies less reliant on China.