The confidence of American consumers rebounded this month to end the year on a high note despite high inflation, rising interest rates that have made credit cards and mortgages more expensive, and growing anxiety about a possible recession.
FILE - Signs advertise deals and low prices at a Walmart in Secaucus, N.J., Tuesday, Nov. 22, 2022. On Tuesday the Conference Board reports on U.S. consumer confidence for November. WASHINGTON —
The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — also rose, to 147.2 this month from 138.3 in November. Lynn Franco, senior director of economic indicators at the Conference Board, noted that inflation expectations retreated in December to their lowest level since September of last year, mostly due to recent declines in gas prices. The number of people saying they planned to go on vacations rose, but the number of those intending to purchase homes and big-ticket appliances declined.
Americans have been resilient in their spending since inflation first began to spike almost 18 months ago, but the capacity to maintain that pace during a period of high inflation may have begun to ebb. Inflation has retreated from the four-decade high it reached this summer but remains elevated, enough to erode the spending power of Americans. Prices were 7.1% higher in November than they were a year ago.
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