– US consumer sentiment softened surprisingly sharply Consumer sentiment fell to 106.1 points in August from 114.0 points in July due to persistent inflation concerns. Published today at 5:01 PM Consumers are once again reeling from rising petrol prices. Image: Bridget Bennett/Bloomberg Consumer sentiment in the US took a surprising turn in August due to inflation concerns. A barometer of consumer sentiment fell to 106.1 points from a revised 114.0 in July, the Institute’s Conference Board reported in its survey on Tuesday. Economists polled by Reuters had expected 116.0 points. “Consumers are again struggling with rising prices in general, particularly for food and gasoline,” said Dana Peterson, chief economist at the Conference Board. Consumers rated both the situation and prospects very negatively. The barometer for expectations fell to 80.2 points from 88.0. So it is just above the 80 mark, which is considered a bearish signal for the coming year. “As job vacancies shrink and interest rates continue to rise, consumers may hear bad news about corporate earnings, making big purchases more expensive,” Peterson said. A sharp rise in consumer prices continues to reduce the purchasing power of consumers. However, overall inflation remained on the decline, although the inflation rate came in at 3.2% in July, slightly higher than June’s figure of 3.0%. However, the US Federal Reserve is targeting 2.0%. A series of hikes has pushed the key interest rate to 5.25-5.50%. It is unclear whether interest rates have peaked. Another hike may be needed, according to Fed Chair Jerome Powell. At the same time, he took a cautious approach at the Fed’s forum in Jackson Hole. So monetary authorities will carefully weigh the pros and cons of further tightening. Despite successive rate hikes, inflation remains high. See also The sorcerer was permanently paralyzed after an amazing trick Reuters Is there an error? Report now. 0 comments Herman Webb“Amateur coffee fan. Travel guru. Subtly charming zombie maven. Incurable reader. Web fanatic.” Continue Reading Previous The sprint king from America criticizes his countryNext Was Boris Becker not allowed to enter the US because of his criminal record? Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. More Stories 3 min read Top News Nicolas Loufrani: Young Londoners Design Afro Hair Emojis January 13, 2025 Alban Parsons 2 min read Top News US Election: Trump Vs. Harris – 2024 poll numbers in America September 19, 2024 Herman Webb 1 min read Top News Börse Express – USA: Retail sales rise unexpectedly September 17, 2024 Herman Webb
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