US confidence retreats as households expect higher inflation rates

14 May 2021

 

Summary: US consumer confidence dims in May; University of Michigan index well below consensus figure; views of present conditions, future conditions deteriorate; driven by households expecting higher future inflation rates; “easier for retailers to pass higher costs”.   US consumer confidence started 2020 at an elevated level. However, surveys had begun to reflect a growing uneasiness with the global spread of COVID-19 and its reach into the US by March...

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