Consumer Confidence Slides in U.S. as Inflation Sours Outlook
Consumer confidence fell this month to nearly a 10-year low as Americans on tight budgets struggled with inflation.
January 14, 2022 2 MIN
Consumer confidence fell this month to nearly a 10-year low as Americans on tight budgets struggled with inflation.
December’s 12-month gain in consumer prices was the largest since June 1982, according to Labor Department data released Wednesday.
An increase in household formation as the U.S. economy emerges from the pandemic will support home sales in 2022, according to Mark Fleming, chief economist at First American.
Inflation rose last month at the fastest pace since the Reagan administration as the global pandemic continued to snarl supply chains.
Consumer sentiment rebounded this month from November’s one-decade low, according to a University of Michigan report.
As long as vaccine efficacy holds up, the economic hit from the emergence of Covid-19’s Omicron variant likely will be moderate, Goldman Sachs said.
The Conference Board’s measure of consumer conficence fell this month as rising Covid-19 infections soured the nation's outlook.
"Red-hot demand for workers" will send U.S. jobless rate tumbling, the economists said.
Consumer confidence fell in November to the lowest level in a decade as inflationary concerns weighed on the mindsets of Americans.
Consumer prices rose last month at the fastest clip in more than three decades, signaling rates for home loans are likely to rise.
