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News for May 30, 2023

A University of Michigan Survey Shows New Decade Low for Consumer Sentiment as Inflation Fears Rise


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A recent survey by the University of Michigan headed up by Chief Economist Richard Curtin, found that consumer sentiment fell to a decade record low as concerns about inflation increased amid the continuing Russian incursion into Ukraine, as per a report.

The University of Michigan Consumer Sentiment Index (MCSI), a monthly measure of how consumers think about the state of the economy, personal finances, business conditions, and purchasing conditions, came to an end in March 2022 with 59.4%, which represents a 5.4% decrease from the reading of 62.8% in February 2022. It also showed a 30% decline from the index’s reading of 84.9% one year ago by March 2021.

The end of March reading of 59.4% is down 0.5% from an already decade low of 59.7% reported in mid-March.

Curtin, who formerly provided shipment forecasts for the RV Industry Association, said that policymakers should consider the Russian attack on Ukraine that began on February 24, which is the leading cause of economic instability, with the emergence of the new COVID variants also a significant factor.

The survey revealed that inflation is the most significant reason behind the rise in pessimism, with an expected annual inflation rate of 5.4%, the highest since November 1981.

“When asked to explain changes in their finances in their own words, more consumers mentioned reduced living standards due to rising inflation than any other time except during the two worst recessions in the past fifty years: from March 1979 to April 1981 and from May to October 2008,” Curtin said.

“Moreover, 32% of all consumers expected their overall financial position to worsen in the year ahead, the highest recorded level since the surveys started in the mid-1940s.”

This article originally appeared on Fox Business.


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Modern Campground

Modern Campground

Modern Campground is the most innovative news source in the Outdoor Hospitality industry. We provide global news coverage for RV Park and Campground owners, operators, managers, and their team members.
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Hi, you might find this article from Modern Campground interesting: A University of Michigan Survey Shows New Decade Low for Consumer Sentiment as Inflation Fears Rise! This is the link: https://moderncampground.com/usa/a-university-of-michigan-survey-shows-new-decade-low-for-consumer-sentiment-as-inflation-fears-rise/