Consumers See Record High Inflation & Record Strength in Jobs

Summary In more than 50 years, inflation expectations have never been higher, but the same can be said about the prospects for finding a job. Expectations slipped in March but consumer confidence and the present situation index both improved. A strong job market is helping households shoulder the worsening burden of rising prices. Abundant Jobs Act as a Counterweight to Rising Prices Consumer confidence inched higher to 107.2 from a downwardly revised level of 105.7 for February (the initial figure for last month was 110.5). In short, consumer confidence is holding up despite worsening headwinds. While the COVID era has made empty shelves and missing products de rigueur, there are no shortages when it comes to factors weighing on consumer confidence. High inflation was already a top-of-mind concern before Russia’s invasion of Ukraine and the associated surge in gas prices. Surging prices continues to weigh on the expectations component which fell to 76.6 in March from 80.8 previously. The accompanying note from the Conference Board said consumers cited rising prices, especially at the gas pump, and the war in Ukraine as factors. READ FULL ARTICLE>>