September 7, 2022
U.S. consumers feel worse now than they did during Covid lockdowns
While unemployment is at an historic low, consumer sentiment has rarely been so pessimistic. Inflation is at a four decade high and is driving much of the pessimism. Joanne Hsu, director of the Surveys of Consumers, said of the latest survey reading that consumers “signaled strong concerns that inflation will continue to erode their incomes.” She pointed out that while consumer spending has been robust, the deterioration of sentiment could lead Americans to “cut back on spending and thereby slow down economic growth.”
Read the full article at the Wall Street Journal.