You have undoubtedly watched with some trepidation as Joe Biden has slowly dismantled all the progress Donald Trump made on the economy. Americans are feeling Biden’s failures every night as the price of dinner goes up, and every day as the commute costs them more and more.
Xavier Fontdegloria reports for MarketWatch:
Confidence among U.S consumers fell slightly in May as concerns over inflation and rising interest rates offset a still upbeat outlook on the labor market.
The Conference Board’s consumer confidence index fell to 106.4 in May from a revised 108.6 in April, data from the private-research group showed Tuesday. Economists polled by The Wall Street Journal expected the index to decline to 103.9.
“Inflation remains top of mind for consumers, with their inflation expectations in May virtually unchanged from April’s elevated levels,” said Lynn Franco, The Conference Board’s senior director of economic indicators.
U.S. inflation stood at 8.3% in April, easing from March but close to its highest annual rate in four decades.
Americans’ purchasing intentions for big-ticket items such as homes, cars or major appliances all cooled in May, likely a reflection of rising interest rates and consumers pivoting to spending on services, Ms. Franco said.
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