Reported 5 months ago
In late May, US consumers moderated their inflation expectations, with data from the University of Michigan showing a decrease in the anticipated annual inflation rate over the next year to 3.3% from 3.5% earlier in the month. Consumers also adjusted their expectations for inflation over the next five to 10 years to 3%. Despite a slight improvement in sentiment from the preliminary reading, the final consumer sentiment index dropped 8.1 points from April to a six-month low of 69.1, reflecting ongoing concerns about high prices, borrowing costs, and the labor market. Additionally, consumers are less optimistic about interest rate cuts and expect challenges in income growth and job opportunities, posing potential obstacles for President Joe Biden's re-election bid.
Source: YAHOO