Consumer Outlook Plunges Amid Fears of More Price Hikes Ahead from numbers in various languages Watch Video

⏲ Duration: 1:31
👁 View: 2.3M times
✓ Published: 13-May-2024

Description:
Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.<br/>CNN reports that sentiment about the economy among <br/>consumers in the United States has plummeted <br/>to the lowest level in the past six months.<br/>According to the latest consumer survey by the <br/>University of Michigan, consumers are also bracing <br/>for more price increases in the year ahead. .<br/>The consumer expectations gauge, <br/>which is closely monitored by the White House, <br/>dropped 13%, representing the most significant <br/>single month decline since mid-2021.<br/>The latest news is still better than <br/>last May when inflation was at 4% <br/>compared to the current 3.5% reading.<br/>However, CNN points out that despite inflation <br/>being lower than the same time last year, the numbers <br/>have been moving in the wrong direction.<br/>The trajectory has shifted <br/>economist expectations for <br/>the Federal Reserve to cut rates. .<br/>The latest Fed report saw expectations <br/>for year-ahead inflation increase <br/>to 3.5% from the 3.2% forecast in April. .<br/>At the same time, long-run <br/>expectations for inflation also <br/>increased to 3.1% from April's 3.0%. .<br/>According to Chicago Federal Reserve <br/>President Austan Goolsbee, the latest data , \