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MNI INTERVIEW: Americans Fear Recession, Weaker Jobs-UMich

(MNI) WASHINGTON

Higher interest rates are taking a bite out of consumer morale, the head of the University of Michigan's Survey of Consumers said.

Higher interest rates and mounting fears of a downturn next year are biting into the morale of consumers, who are now expecting a worsening labor market, the head of the University of Michigan's Survey of Consumers, Joanne Hsu, told MNI.

"It is pretty unambiguous that consumers expect a downturn going ahead and do by and large expect a recession," she said. "What's actually kind of interesting about this month is that labor market expectations have worsened in spite of the fact that labor markets continue to be very strong."

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Higher interest rates and mounting fears of a downturn next year are biting into the morale of consumers, who are now expecting a worsening labor market, the head of the University of Michigan's Survey of Consumers, Joanne Hsu, told MNI.

"It is pretty unambiguous that consumers expect a downturn going ahead and do by and large expect a recession," she said. "What's actually kind of interesting about this month is that labor market expectations have worsened in spite of the fact that labor markets continue to be very strong."

Keep reading...Show less