Inflation Expectations Jump to 30-Year High, Consumer Confidence Falls

Contact Your Elected Officials
The Epoch Times Header

Americans grew more pessimistic in February as inflation fears surged and economic confidence weakened.

U.S. consumer confidence tumbled to a 15-month low in February, as inflation fears surged and expectations for both the broader economy and personal finances deteriorated.

The University of Michiganโ€™s consumer sentiment index, released on Feb. 21, dropped to 64.7 in February, down from 71.7 in January, marking the lowest level since November 2023. The final reading represented a downside surprise, coming in below both the preliminary estimate of 67.8 and economistsโ€™ expectations, signaling greater pessimism among consumers.

All components of consumer sentiment declined, with buying conditions for durable goods plunging 19 percent, largely due to concerns over tariff-driven price hikes. Expectations for personal finances and the short-term economic outlook fell nearly 10 percent, while the long-term outlook hit its lowest level since November 2023.

Inflation expectations also rose sharply, fueled by fears that President Donald Trumpโ€™s plans for steep and broad-based tariffs would drive up costs and erode purchasing power, according to Joanne Hsu, director of the University of Michiganโ€™s Surveys of Consumers.

Households expect year-ahead inflation to rise to 4.3 percent, the highest since November 2023 and up from 3.3 percent last month, per the report. Five-year inflation expectations climbed to 3.5 percent, up from 3.2 percent in January and the highest reading since 1995.

Trump has acknowledged the recent uptick in inflation, which accelerated in January to a seven-month high of 3 percent, marking the fourth consecutive monthly increase. The president blames the previous administration, saying that inflation is a lingering effect of what he describes as reckless spending under President Joe Biden.

โ€œInflation is back,โ€ Trump told Fox News during an interview alongside tech entrepreneur Elon Musk that aired on Feb. 18. โ€œIโ€™m only here for two and a half weeks, and they said, โ€˜Oh, Trump inflationโ€™ and I had nothing to do with that.โ€

โ€œThey spent money like nobody has ever spent,โ€ Trump continued. โ€œThey were given $9 trillion to throw out the window.โ€

In a separate Feb. 21 interview with Fox News, Trump was asked when Americans could expect his economic policies to take effect.

Byย Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

ChatGPT Goes Biblical about End Times!

There are some truly outstanding internet content creators, or...

Epsteinโ€™s Niece Exposes the Illuminati!

There is a shocking interview by the podcaster Shaun Attwood, an English former ecstasy trafficker turned YouTube podcaster, speaker, activist, and author.

When Gynocrats Attack: Innocent Locker Room Talk Interrupted By Rabid Karen

The question posed: โ€œWho do you think has a...

Obamaโ€™s Treason is a Betrayal of American Democracy and Demands Real Accountability

Few scandals have cast a longer shadow than the 2016 Russia investigationโ€”the manufactured crisis by President Obama designed to cripple Trump's presidency.

Chronic Grievous Insufficiency

A president's physical vigor, stamina, and mental acuity are essential to his ability to fulfill the duties of office and those qualities should matter with no regard to party affiliation.

US Witnessing โ€˜CapEx Comebackโ€™ as Investment Wave Hits Economy: Treasury

The U.S. economy is experiencing a โ€œCapEx Comebackโ€ this year as private-sector investment soars, the Treasury Department said.

What to Know About New ‘Visa Integrity Fee’

New refundable โ€œVisa Integrity Feeโ€ for foreign nationals applying for nonimmigrant visas to enter the United States.

Oregon High School Athletes File First Amendment Lawsuit Over Podium Protest

AFPI filed lawsuit for Oregon high school athletes, alleging OSAA violated their First Amendment rights by punishing their peaceful protest of boy competing in girlsโ€™ event.

Professional Wrestling Legend, Hulk Hogan, Dies at 71

Hulk Hogan, former WWE superstar and one of the most recognizable figures in the sports entertainment industry, has died at 71 years old.

Odds of U.S.-EU Trade Deal Are 50โ€“50 Ahead of Tariff Deadline: Trump

President Donald Trump said thereโ€™s a 50โ€“50 chance that the United States will finalize a trade deal with the European Union before an Aug. 1 deadline.

Trump Pulls Habbaโ€™s Nomination for New Jerseyโ€™s Top Prosecutor, Making Her Acting US Attorney

President Trump withdrew his nomination of Alina Habba to serve as NJโ€™s top federal prosecutor, making her Acting US Attorney.

Trump Says He Wants Muskโ€™s Companies to โ€˜Thrive Like Never Beforeโ€™

On Thursday, President Trump said, โ€œI want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!โ€

DOJ Forms Strike Force to Assess DNI Findings on Russia Collusion Allegations

DOJ is forming task force following the declassification of docs that shed light on origins of false claims that Trump won 2016 election with Russiaโ€™s help.
spot_img

Related Articles