March Consumer Confidence Plunges on Inflation Fears, War in Ukraine
About a quarter of respondents cited the Russian invasion of Ukraine when asked about their economic outlook, the survey said.
March 11, 2022 2 MIN
About a quarter of respondents cited the Russian invasion of Ukraine when asked about their economic outlook, the survey said.
The CPI data bolsters the Federal Reserve’s plan to begin raising its benchmark rate next week for the first time in three years.
Employers added 678,000 workers to their payrolls in February, smashing economists' estimates and sending the unemployment rate to a two-year low.
Housing starts plunged by 4.1% last month as Omicron worsened shortages of labor and building supplies.
Homebuilder confidence declined in February, the second consecutive monthly drop, the National Association of Home Builders said.
Consumer confidence fell in February to a one-decade low as higher rates of inflation increased grocery store bills and energy costs for Americans.
The U.S. economy expanded at a 6.9% annualized rate in the final three months of 2021, triple the pace of the prior quarter, as Covid-19 infections spiked to record highs.
The Fed issued an addendum to its traditionally sparse statement that outlined how it plans to reduce its record $8.4 trillion portfolio of Treasuries and mortgage bonds.
Today's red-hot pace of inflation likely will cool to about 2% by 2022’s end, about a third of its current rate, according to Treasury Secretary Janet Yellen.
Builders broke ground on 1.6 million homes in 2021, a 16% jump from a year earlier and the most since 2006, according to a government report.
