https://sputnikglobe.com/20220711/over-half-of-us-consumers-think-2023-will-be-worse-than-this-year-ny-fed-survey-reveals-1097200511.html
Over Half of US Consumers Think 2023 Will Be Worse Than This Year, NY Fed Survey Reveals
Over Half of US Consumers Think 2023 Will Be Worse Than This Year, NY Fed Survey Reveals
Sputnik International
WASHINGTON (Sputnik) - More than half of US consumers surveyed by the New York division of the Federal Reserve say their household financial situation has... 11.07.2022, Sputnik International
2022-07-11T17:01+0000
2022-07-11T17:01+0000
2022-08-06T13:36+0000
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“Perceptions about households' current financial situations compared to a year ago deteriorated in June, with more respondents reporting being financially worse off than they were a year ago,” the New York Fed said of its June 2022 Survey of Consumer Expectations. “Respondents were also more pessimistic about their household's financial situation in the year ahead, with fewer (more) respondents expecting their financial situation to improve (deteriorate) a year from now.”The New York division of the central bank said credit access perceptions and expectations continued to deteriorate, along with household perceptions and expectations for current and future financial situations.The survey comes on the heels of New York Fed President John Williams’ forecast last week of an economic growth of less than 1% for 2022, in a projection that came in well below the central bank’s official growth estimate for the year.US gross domestic product grew by 5.7% in 2021, its most in four decades, as it recovered from business lockdowns and other restrictions of activity imposed during the 2020 coronavirus outbreak.But since this year began, GDP has been on a weaker trajectory, with a 1.6% contraction in the first quarter. If it does not return to positive growth by the second quarter, then the United States would technically be in a recession.Consumers, who account for 70% of US GDP, soured on the economy after inflation hit 40-year highs since the end of last year.US inflation has been persistently running at four-decade highs since late last year, with the closely-watched Consumer Price Index growing at an annualized rate of 8.6% as of May. The Fed’s tolerance for inflation is a mere 2% a year and it has vowed to raise interest rates as much as necessary to achieve that.
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Over Half of US Consumers Think 2023 Will Be Worse Than This Year, NY Fed Survey Reveals
17:01 GMT 11.07.2022 (Updated: 13:36 GMT 06.08.2022) WASHINGTON (Sputnik) - More than half of US consumers surveyed by the New York division of the Federal Reserve say their household financial situation has deteriorated from a year ago and nearly half expect it to worsen in the year ahead.
“Perceptions about households' current financial situations compared to a year ago deteriorated in June, with more respondents reporting being financially worse off than they were a year ago,” the New York Fed said of its June 2022 Survey of Consumer Expectations. “Respondents were also more pessimistic about their household's financial situation in the year ahead, with fewer (more) respondents expecting their financial situation to improve (deteriorate) a year from now.”
The New York division of the central bank said credit access perceptions and expectations continued to deteriorate, along with household perceptions and expectations for current and future financial situations.
The survey comes on the heels of New York Fed President John Williams’ forecast last week of an economic growth of less than 1% for 2022, in a projection that came in well below the central bank’s official growth estimate for the year.
US gross domestic product grew by 5.7% in 2021, its most in four decades, as it recovered from business lockdowns and other restrictions of activity imposed during the 2020 coronavirus outbreak.
But since this year began, GDP has been on a weaker trajectory, with a 1.6% contraction in the first quarter. If it does not return to positive growth by the second quarter, then the United States would technically be in a recession.
Consumers, who account for 70% of US GDP, soured on the economy after inflation hit 40-year highs since the end of last year.
US inflation has been persistently running at four-decade highs since late last year, with the closely-watched Consumer Price Index growing at an annualized rate of 8.6% as of May. The Fed’s tolerance for inflation is a mere 2% a year and it has vowed to raise interest rates as much as necessary to achieve that.
