Stubborn inflation and anxiety over slowing economic growth is weighing on Americans, new sentiment data shows.
Consumer confidence dipped for the second straight month as stubborn inflation and anxiety over a potentially slowing economy weighed on Americans.Tuesday that its consumer confidence index slipped to 102.9 in February, from a reading of 106 in January. The business research group's present situation index — which measures consumers' assessment of current business and labor market conditions — ticked up to 152.8 from 151.1 last month.
"Households are likely cautious given inflation is still elevated and borrowing costs are rising," Rubeela Farooqi, chief U.S. economist with High Frequency Economics, said in a report."But they are continuing to spend for now, owing to strong job growth that is restoring incomes." "The strong jobs market continues to boost consumers' spirits, but they see trouble ahead in categories that affect them most: jobs and incomes," said Robert Frick, an economist with Navy Federal Credit Union."Confidence is now strongly linked to high inflation, and if inflation falls this year as most forecasts suspect, we could see a commensurate rise in confidence."at its fastest pace since June, an alarming sign that price pressures remain entrenched in the U.S.
Respondents to the Conference Board's survey continue to express optimism about the stability of their incomes and the broader U.S. job market, which has held up well even as the Fed has ratcheted up its benchmark borrowing rate eight times in the past year.
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