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Meng snap together world war toons3/1/2024 Tumbling inflation and sturdy hiring have raised hopes the Fed just might pull off a so-called soft landing - slowing the economy just enough to tame inflation without tipping the United States into recession. Employers are adding a strong 278,000 jobs a month so far this year and at 3.6% in June, the unemployment rate is not far off a half-century low. economy - the world’s largest - has proved surprisingly resilient in the face of sharply higher borrowing costs. Fed policymakers are expected to raise their benchmark rate again Wednesday to the highest level in 22 years. The Conference Board index fell more or less steadily from mid-2021 to mid-2022 as surging prices ate into household budgets.īut confidence has come back, in fits and starts, over the past year as inflation eased in the face of 10 interest-rate hikes by the Federal Reserve. The future expectations index rose to 88.3 in July, clearing the recession threshold of 80 recorded in June.Įconomists closely monitor Americans’ spirits because consumer spending accounts for around 70% of U.S. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The gauge beat the 110.5 that economists had expected and was the highest since July 2021. The Conference Board, a business research group, said its consumer confidence index rose to 117 in July from a revised 110.1 in June. consumer confidence shot to the highest level in two years this month as inflationary pressures eased and the American economy continued to show resilience in the face of dramatically higher interest rates.
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