Consumer sentiment in the United States declined by 7% due to concerns about the state of the economy, undoing nearly half of the gains made since the all-time low recorded in June of the previous year. The negative news surrounding the economy, including the debt ceiling crisis, increased consumers’ worries about the short and long-term outlook. According to the University of Michigan Economist and Director of the Surveys of Consumers Joanne Hsu, things have been looking positive, but high inflation continues to impact consumers’ living standards negatively.
