[뉴욕=뉴스핌] Correspondent Kim Min-jeong = This month, American consumers’ assessment of the economy and finances improved for the first time in five months.
The University of Michigan announced on the 30th (local time) that the final consumer confidence index for August rose to 67.9, up from 66.4 in July. The preliminary figure was 67.8.
Consumers expected inflation to ease to 2.8% over the next year, down from 2.9% in July, the lowest level since late 2020. The expected inflation rate for the next 10 years was 3.0%.
Although inflation has generally been on a moderating trend since the second half of last year, consumers are still feeling the burden of high price increases. The consumer confidence index published by the University of Michigan is significantly below the level before the COVID-19 pandemic.
Shoppers in Manhattan, New York, USA.[사진=블룸버그] 2023.12.21 mj72284@newspim.com
Recently, as even the job market has shown signs of slowing, consumers have also expressed concern about it. “A quarter of consumers, the highest level since last November, said they have heard bad news about unemployment,” Joan Hsu, the director of the University of Michigan survey, said in a statement.
Under these circumstances, the U.S. Federal Reserve (Fed) is expected to cut its benchmark interest rate next month. In this survey, 48% of respondents, the largest number since 1982, predicted that interest rates will fall next year.
This month’s survey also reflected political issues ahead of the U.S. presidential election. With President Joe Biden dropping out of the race and Vice President Kamala Harris emerging, trust among Republicans hit its lowest level since last November.
Consumers’ outlook for their personal finances hit a three-month high, while their assessment of current conditions was at 61.3, the weakest since late 2022.
mj72284@newspim.com
