US Consumers , Optimistic Despite , Rising Gas Prices.
CNN reports that American consumers
remain optimistic that inflation is easing,
despite rising gas prices.
CNN reports that American consumers
remain optimistic that inflation is easing,
despite rising gas prices.
According to a survey by the University of Michigan,
consumers' expectations of inflation rates have reached , "the lowest since March 2021 and just
above the 2.3-3.0% range seen in the
two years prior to the pandemic.".
The survey also found that expectations
for the next five to 10 years dropped to 2.7%, , "falling below the narrow 2.9-3.1% range for
only the second time in the last 26 months.".
The drop in five-to-10-year inflation
expectations … is a seriously
welcome development, Ian Shepherdson, chief economist
at Pantheon Macroeconomics, via CNN.
We have argued for some
time that a clear downshift
in inflation expectations was
overdue, and this decline is
a big step towards normalization, Ian Shepherdson, chief economist
at Pantheon Macroeconomics, via CNN.
We have argued for some
time that a clear downshift
in inflation expectations was
overdue, and this decline is
a big step towards normalization, Ian Shepherdson, chief economist
at Pantheon Macroeconomics, via CNN.
CNN reports that optimism dropped to its lowest level
on record in 2022, when gas prices broke $5 a gallon
and inflation swelled to a forty-year high.
CNN reports that optimism dropped to its lowest level
on record in 2022, when gas prices broke $5 a gallon
and inflation swelled to a forty-year high.
The survey also showed that consumers
in the U.S. are concerned about a looming
potential government shutdown. .
On the bright side, CNN reports
that gas prices could begin to creep
lower in the fall as demand decreases.
Oil costs are putting upward
pressure on pump prices,
but the rise is tempered
by much lower demand, Andrew Gross, AAA spokesperson, via CNN.
The slide in people fueling up is typical,
with schools back in session, the days
getting shorter, and the weather less
pleasant. But the usual decline
in pump prices is being stymied
for now by these high oil costs, Andrew Gross, AAA spokesperson, via CNN.
The slide in people fueling up is typical,
with schools back in session, the days
getting shorter, and the weather less
pleasant. But the usual decline
in pump prices is being stymied
for now by these high oil costs, Andrew Gross, AAA spokesperson, via CNN