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Consumer-Anxiety-Rises-as-Americans-Fear-Interest-Rates-and-Inflation.php
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<h1 class="post-title mb-30">
Consumer Anxiety Rises as Americans Fear Interest Rates and Inflation
</h1>
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<span class=post-by>By Newsguru Editors</span>
<span class=post-on>2024-05-12T12:49:26Z</span>
<span class=time-reading>12 mins read</span>
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<p><mark>It was determined that the 10-point drop in the University of Michigan index was "statistically significant."</mark>
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<p>In May, as Americans became more pessimistic about inflation, interest rates, and the job situation, consumer sentiment reached its lowest point in six months.
The University of Michigan's preliminary reading of their consumer mood index was 67.4, indicating a 14% decline from the previous year. This is in contrast to 77.2 in April, and a minor decline is anticipated.
</p>
<p>According to Joanne Hsu, the survey director, "this month's trend in sentiment is characterized by a broad consensus across consumers, with decreases across age, income, and education groups."
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<p>"Consumers now perceive negative developments on a number of dimensions, while they had been reserving judgment for the past few months," Hsu stated. "They expressed concerns that the coming year may see an unfavorable trend in interest rates, unemployment, and inflation."</p>
<p>
Consumer mood has been mostly stable over the past several months, with minor ups and downs in response to somewhat higher-than-expected inflation readings and the postponement of expectations for interest rate reduction by the Federal Reserve until later in the year.
</p>
<p>While this was going on, consumers' expectations of inflation declined, rising from 3.2% to 3.5% higher costs.</p>
<p>
The consumer price index for April will be released by the government on Wednesday. It is anticipated that the data will demonstrate that inflation is still much above than the Federal Reserve's 2% annual objective, despite a potential minor decline from April's 3.5% level. Economists at Nomura Securities believe that core inflation, which excludes often variable expenditures for food and energy, probably declined somewhat in the previous month.
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<p>
"Prices of transportation services are a major factor: increases in the cost of auto insurance and motor vehicle maintenance decreased significantly in April following a sharp increase in March," Nomura stated. Because of the major headwind of its seasonal adjustment, airline fares most certainly fell in April.
</p>
<p>On the same day, the Census Bureau will release its April retail sales data, which will indicate whether or not consumers are continuing to spend as they have been doing recently.
</p>
<p>
This week's market gains followed Federal Reserve Chairman Jerome Powell's announcement earlier this month that future rate rises were "unlikely" and some economic data that was somewhat below expectations.
</p>
<p>
In the meanwhile, the most current data on the labor market indicates that demand significantly softened in April, returning to the more typical level observed in previous months. Increased confidence that the economy was not about to enter a wage and price spiral was also bolstered by slower pay increases.
</p>
<p>In a client note released on Friday, BCA Research stated that the COVID-19 pandemic's interruptions are being offset by a growth in the labor supply, mostly from immigration.
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<p>
According to BCA, "a recovery in labor market participation causes labor supply to grow while labor demand stays unchanged." In the inverted supply-driven economy, this stimulates growth by rebalancing supply and demand. Therefore, a return to the labor force is a "benign" disinflation and rebalancing.
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