Thursday’s reports of retail sales and consumer sentiment offered a glimmer of optimism that Americans aren’t ready to pull back on spending en masse in the face of decades-high inflation.
offered a glimmer of optimism that Americans aren’t ready to pull back on spending en masse in the face of decades-high inflation.that shows real spending is softening after a stronger start to the year. But price pressures are expected to simmer down a bit in coming months, and the University of Michigan’s sentiment survey showed households grew more upbeat about their financial situations.
Consumer spending is by far the largest contributor to economic activity, and economists are keenly looking for any sign that the financial health of households is weakening. However, But some discretionary categories such as apparel and restaurant spending also showed growth, counter to expectations that inflation would slow such purchases.
In the Michigan survey, the overall sentiment gauge jumped in March and exceeded all estimates. Respondents also said they anticipate continued wage gains. Perhaps even more hopeful is that inflation expectations held steady, a good sign that Americans don’t see it worsening much more.High gas prices are making life difficult for many drivers. But some people aren’t bothered, mainly because they switched to other modes of transportation.
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