PAIN POINTS: Americans' confidence in the US economy near historic low
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., U.S., on Wednesday, May 4, 2022.
"Falling gas prices should boost consumer spending in the near term, but tightening financial conditions create growing risks for next year," said Jeffrey Roach, vice president and chief economist at LPL Financial. The data comes just three days after the Labor Department reported that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.1% in August from the previous month. Prices climbed 8.3% on an annual basis.
Those figures were both higher than the 8.1% headline figure and 0.1% monthly decline forecast by Refinitiv economists, a worrisome sign for the Fed as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign. Even more concerning is that so-called core prices, which strip out the more volatile measurements of food and energy, re-accelerated last month: Core prices climbed 6.3% from the previous year, above the 6.
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