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US consumer confidence slides to record low | Business

June 24, 2022 by Staff Reporter

Consumer sentiment in the US has fallen to a record low as inflation takes its toll on the world’s largest economy.

A closely watched index of consumer sentiment dropped sharply this month as anxiety rose over sustained price growth and the prospect of a recession. The index, compiled by the University of Michigan, fell from 58.4 in May to 50.0 in June. A year ago, it stood at 85.5.

It comes as the Federal Reserve steps up its battle to contain inflation, which is at the highest level for a generation. Policymakers at the central bank ordered America’s largest interest rate rise in three decades last week, lifting the benchmark rate by 75 basis points.

Inflation expectations among consumers — a key consideration

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Filed Under: BUSINESS, US

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