The United States’ consumer confidence fell slightly lower this month, making this the second consecutive month this year.
The board reported today that the confidence index had gone down by 2.2 points throughout May. This comes amid a falling acceptance rate of President Biden as well as inflation-driven economic issues.
This month the Federal Reserve raised the main borrowing rate by half a point. They announced that more half point increases and rate hikes are also planned this year.
The confidence expectations index also fell to 77.5 from April’s score of 79 as consumers’ outlook on business and labor fell.
In February it was at 80.
The business research group also found that the present situation index fell from 152.9 to 149.6.
President Joe Biden met with Fed Chairman Jerome Powell to discuss the skyrocketing inflation rate which has left more and more Americans with less disposable income. This meeting was the first one with Powell since his renomination to the central bank. The two discussed the current state of the U.S. economy and the rising inflation rate.
The current inflation rate in the U.S. has led to a surge in consumer prices of 11% in April 2022 versus April 2021. The surge in prices was just under March’s highest recorded rate of 8.5%.
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