Consumer Confidence Decreased in the USA
Consumer confidence decreased in the USA. Consumer confidence fell hard when inflation data exceeded expectations in the country.
The University of Michigan‘s leading Consumer Confidence Index came in at 82.8 in May. The expectation of economists was that the data would be 90. In the previous month, the data was recorded as 88.3.
Director of the study, Richard Curtin, in his assessment of the index, stated that the index fell sharply due to high inflation. Curtin predicted continued consumption spending in the country despite higher prices due to delayed demand and record savings.
In the US, consumer prices rose by 4.2 percent on an annual basis in April. As a result of these data, consumer inflation in the country recorded the highest level since 2008. Economists expected an annual inflation rate of 3.6 percent in the country.
According to the data, monthly inflation was 0.8 percent. Economists’ expectations for monthly inflation was 0.2 percent.