The American consumer’s confidence rebounded this month, even as the Fed continues to raise interest rates and many economists fear an oncoming recession. business kprc2 click2houston consumer us
FILE - Signs advertise deals and low prices at a Walmart in Secaucus, N.J., Tuesday, Nov. 22, 2022. On Tuesday the Conference Board reports on U.S. consumer confidence for November. – The confidence of American consumers rebounded this month to end the year on a high note despite high inflation, rising interest rates that have made credit cards and mortgages more expensive, and growing anxiety about a possible recession.
The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — also rose, to 147.2 this month from 138.3 in November. Lynn Franco, senior director of economic indicators at the Conference Board, noted that inflation expectations retreated in December to their lowest level since September of last year, mostly due to recent declines in gas prices. The number of people saying they planned to go on vacations rose, but the number of those intending to purchase homes and big-ticket appliances declined.
And on so-called “Cyber Monday” earlier this week Americans boosted their online spending by 5.8% from a year earlier, Adobe Analytics said.
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