Even as stock market hits highs, most Americans are cutting back on spending, survey shows
Summary
Consumer confidence in the U.S. fell slightly in May despite stock prices being near record highs. Many Americans are cutting back on spending because gas and food prices are high, and inflation is reducing their buying power.Key Facts
- The Conference Board’s consumer confidence index dropped 0.7 points to 93.1 in May.
- Inflation reached 3.8% in April, the highest in three years, above the Federal Reserve’s 2% target.
- Gas prices rose from $2.98 to $4.49 per gallon since late February and have stayed high.
- Two-thirds of Americans are spending less and delaying big purchases due to rising prices.
- People with incomes above $100,000 showed more confidence than those with lower incomes.
- Job market views worsened slightly; fewer people said jobs were “plentiful,” but fewer said they were “hard to get.”
- Average wages, after adjusting for inflation, dropped for the first time in three years in April.
- Retail sales, when adjusted for inflation, decreased in April despite growth in March.
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