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MNI INTERVIEW: High Prices Key Driver of Weak Sentiment- UMich

(MNI) Washington
WASHINGTON (MNI)

University of Michigan's confidence survey head says consumers' bleak US outlook is not showing signs of impairing consumption.

High inflation is a major reason Americans feel even worse about the economy than they did at the start of the pandemic, the head of the University of Michigan's Survey of Consumers told MNI, despite some tentative signs consumers expect prices to come down.

"They continue to hold pretty pessimistic views about the general state of the economy going forward and the common theme is inflation," said Joanne Hsu said in a phone interview Friday. "They are very concerned. They're worried about inflation. They're worried about their fellow Americans."

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High inflation is a major reason Americans feel even worse about the economy than they did at the start of the pandemic, the head of the University of Michigan's Survey of Consumers told MNI, despite some tentative signs consumers expect prices to come down.

"They continue to hold pretty pessimistic views about the general state of the economy going forward and the common theme is inflation," said Joanne Hsu said in a phone interview Friday. "They are very concerned. They're worried about inflation. They're worried about their fellow Americans."

Keep reading...Show less