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U.S. Consumer Psychology at New Record Lows in Runaway Inflation-UMichPoll

https://sputniknews.com/20220624/us-consumer-sentiment-at-new-record-low-amid-runaway-inflation—umich-poll-1096644067.html

U.S. Consumer Psychology at New Record Lows in Runaway Inflation-UMichPoll

U.S. Consumer Psychology at New Record Lows in Runaway Inflation-UMichPoll

Washington (Sputnik)-US consumer sentiment hit a record low in June as people across the United States cited inflation as their number one concern … 24.06.2022, Sputnik International.

2022-06-24T20: 23 + 0000

2022-06-24T20: 23 + 0000

2022-06-24T20: 23 + 0000

recession

inflation

We Federal Reserve

Consumer trust

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“Inflation remains a major concern for consumers. Joan Sue, director of consumer research at the University of Michigan, accused inflation of lowering living standards for 47% of consumers. .UMich Consumer sentiment. The index was 50 in June, down 14.4% from 58.4 in May. Year-over-year, down 41.5% from 85.5 in June 2021. Consumer spending accounts for 70% of total domestic production in the United States. Age, education, geographic region, political parties, equity holdings, and home ownership have shown that optimism about the US economy has dropped significantly, as the Consumer Price Index (CPI) shows. Inflation in the United States was at its highest level in 40 years. Consumer confidence was “high inflation and recession,” Selmahep, deputy chief economist at Core Logic, a real estate market consultant, told Fortune’s publication on Friday. It was shattered by the fear of. ” Zero and 0.25% in the two years of the coronavirus pandemic, the Federal Reserve, or the Federal Reserve has raised them since March, currently bringing highs of 1.75%. The central bank says it will continue to raise to date. Inflation above 8% will return to its 2% annual target, but economists are afraid that the Federal Reserve will push the economy into recession with the amount of rate hikes. This month’s 75 basis points, or three-quarter percent, increase from the Federal Reserve was the highest in 28 years. The economy will shrink 1.4% in the first quarter of this year and will be in recession if it does not return to positive growth by the end of the second quarter.

https://sputniknews.com/20220623/two-thirds-of-americans-say-relying-on-savings-amid-runaway-inflation—survey-1096607239.html

https://sputniknews.com/20220620/us-treasurys-yellen-says-inflation-causes-global-not-local-us-not-destined-for-recession-1096501429.html

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Recession, inflation, Federal Reserve, consumer confidence

According to a consumer survey at the University of Michigan (UMich), consumer sentiment in the United States hit a record low in June as people across the United States cited inflation as the number one concern and reason for the deterioration of living standards. ..

“Inflation remains a major concern for consumers. Joan Sue, director of consumer research at the University of Michigan, has accused inflation of lowering living standards for 47% of consumers.

The UMich Consumer Emotion Index for June was 50, down 14.4% from 58.4 in May. Compared to the previous year, it decreased by 41.5% from 85.5 in June 2021.

Private consumption accounts for 70% of the US gross domestic product.

Two-thirds of Americans say they rely on savings in runaway inflation-survey

According to Sue, the deterioration of the June consumer confidence index from May’s record lows is beyond income, age, education, geographic regions, political parties, equity holdings, and home ownership. Has significantly reduced optimism about the US economy.

“Approximately 79% of consumers expected the worst business times since 2009, a year ahead,” Sue said. “Consumers have also expressed the highest levels of uncertainty about long-term inflation since 1991 and continued the sharp rise that began in 2021.”

Inflation in the United States was a record high of 8.6% in the year to May, as shown by the Consumer Price Index (CPI).

Consumer confidence was “shattered by high inflation and fears of a recession,” Selma Hepp, deputy chief economist at real estate market consultancy CoreLogic, told Fortune’s publication on Friday.

US Treasury Secretary Janet Yellen will speak in a meeting with business leaders and CEOs on October 6, 2021 at the South Auditorium of the White House in Washington, DC, about the need to address debt limits. -Sputnik International, 1920, 20.06.2022

Yellen of the U.S. Treasury says inflation causes “global, not local” and the U.S. is not destined for a recession.

After leaving interest rates at 0-0.25% for two years during the coronavirus pandemic, the Federal Reserve has raised interest rates since March and is now at a high of 1.75%. The central bank says it will continue to raise rates until the current inflation rate exceeds 8% and returns to its target of 2% per annum.

But economists are afraid that the Fed will put the economy into recession with the amount of rate hikes. This month’s 75 basis points, or three-quarter percent, increase from the Federal Reserve was the highest in 28 years. The economy will shrink 1.4% in the first quarter of this year and will be in recession if it does not return to positive growth by the end of the second quarter.

https://sputniknews.com/20220624/us-consumer-sentiment-at-new-record-low-amid-runaway-inflation—umich-poll-1096644067.html U.S. Consumer Psychology at New Record Lows in Runaway Inflation-UMichPoll

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