The steeper than expected decline in consumer sentiment was caused by a drop in assessments of current conditions and an even sharper decline in hope for the future.
American households are feeling extremely rotten about economic conditions and their prospects, survey data released Friday show.
The index that tracks consumer assessments of current economic conditions dropped by 8.4 percent to 63.6 percent. The index that tracks expectations for future conditions crashed 9.9 percent to 56.3, a severe decline in economic hope. Hsu replaced longtime consumer sentiment guru Richard Curtin as the director of the University of Michigan’s Surveys of Consumers program at the end of April. Curtin had run the survey and provided official analysis since 1976, a job he took after receiving his Ph.D. from the University of Michigan in 1975. Curtin has served as the director of the Surveys of Consumers in the Survey Research Center at the Institute for Social Research since 1976, after receiving his Ph.D. from U-M in 1975.
There is evidence that high inflation is destroying demand by pricing consumers out of big purchases.
France Dernières Nouvelles, France Actualités
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