University of Michigan survey: US consumer confidence falls to 46.3
Feeling the pinch? US consumer confidence just dropped to 46.3, mainly because prices keep rising, especially after the recent Middle East conflict.
The University of Michigan survey says folks with lower incomes and those with smaller stock portfolios are feeling it most.
As survey director Joanne Hsu put it, "Frustration over cost-of-living continues to mount, as consumers across the political spectrum believe that the trajectory of the economy has weakened since the beginning of the year," and sentiment is weakening.
One-year inflation at 4.7%, long-term up
The survey also found that people expect inflation to keep climbing, up to 4.7% over the next year, compared to 4.6% last month.
Longer-term expectations are up too, reflecting ongoing worries about money and uncertainty from global tensions.