Current:Home > FinanceUS consumer sentiment ticks down slightly, but most expect inflation to ease further-LoTradeCoin
US consumer sentiment ticks down slightly, but most expect inflation to ease further
View Date:2024-12-23 20:47:13
WASHINGTON (AP) — Consumers became slightly less optimistic about the economy this month, though they continue to expect inflation to cool further, a potential sign that price increases will keep slowing.
The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 76.5 in March, barely below February’s figure of 76.9. Americans’ outlook has essentially remained fixed since January, when it leapt higher. Sentiment is now about halfway between its all-time low, reached in June 2022 when inflation peaked, and its pre-pandemic averages.
Americans’ outlook on the economy will likely have a significant effect on the presidential race, which will likely focus heavily on perceptions of President Joe Biden’s economic record.
Friday’s consumer sentiment figure follows inflation reports this week that showed that for a second straight month, prices rose at a pace faster than is consistent with the Federal Reserve’s 2% target. The consumer price index rose 3.2% in February compared with a year ago, up from 3.1% in January.
Yet the University of Michigan report showed that Americans’ outlook for inflation hasn’t changed this month compared with February. Consumers expect inflation over the next year to be 3%, the same as in the previous month. And over the next five to 10 years, they expect inflation to be 2.9%, also unchanged from February. While those figures exceed the Fed’s inflation target, they’re only slightly higher than the pre-pandemic averages.
veryGood! (5985)
Related
- Suspect in deadly 2023 Atlanta shooting is deemed not competent to stand trial
- England's Lauren James apologizes for stepping on opponent's back, red card at World Cup
- NYPD Blue Child Star Austin Majors' Cause of Death Revealed
- Kentucky reports best year for tourism in 2022, with nearly $13 billion in economic impact
- Shaboozey to headline halftime show of Lions-Bears game on Thanksgiving
- Former Memphis officer gets 1 year in prison for a car crash that killed 2 people in 2021
- Jimmy Carter's Grandson Shares Health Update on Really Sick Former President
- Nevada governor seeks to use coronavirus federal funds for waning private school scholarships
- Could trad wives, influencers have sparked the red wave among female voters?
- Is it election season? Pakistan leader moves to disband parliament, his jailed nemesis seeks release
Ranking
- Teachers in 3 Massachusetts communities continue strike over pay, paid parental leave
- OffCourt Makes Post-Workout Essentials Designed for Men, but Good Enough for Everyone
- Lawsuit filed after facial recognition tech causes wrongful arrest of pregnant woman
- NYC doctor accused of drugging, filming himself sexually assaulting patients
- 4 arrested in California car insurance scam: 'Clearly a human in a bear suit'
- Dakota Johnson Shares Rare Insight Into Her Bond With Riley Keough
- 3-month-old baby dies after being left in hot car outside Houston medical center
- Wayne Brady reveals he is pansexual
Recommendation
-
The 10 Best Cashmere Sweaters and Tops That Feel Luxuriously Soft and Are *Most Importantly* Affordable
-
The Visual Effects workers behind Marvel's movie magic vote to unionize
-
Biden pitching his economic policies as a key to manufacturing jobs revival
-
American nurse and her young daughter freed, nearly two weeks after abduction in Haiti
-
Mike Tyson vs. Jake Paul VIP fight package costs a whopping $2M. Here's who bought it.
-
The end-call button on your iPhone could move soon. What to know about Apple’s iOS 17 change
-
First base umpire Lew Williams has three calls overturned in Phillies-Nationals game
-
Tesla CFO Zach Kirkhorn stepping down after 13 years with Elon Musk's company