Published • loading... • Updated
As Stock Market Hits New Highs, 2 of 3 Americans Are Cutting Back on Spending
Two-thirds of respondents said they are cutting back spending as gas, food and other prices outpace pay growth, the Conference Board said.
- The Conference Board consumer confidence index slipped this month, marking the first decline after three months of gains, as two-thirds of Americans report cutting back on spending.
- Higher fuel prices, driven by the closure of the Strait of Hormuz during the war with Iran, have pushed gas to a nationwide average of $4.49 a gallon, adding to budget strains.
- Nearly 70% of Americans believe a recession is likely next year, with 61% cutting back on groceries and 59% postponing entertainment purchases to manage financial pressure.
- Rising costs have soured public opinion on President Donald Trump's economic policies, creating potential trouble for the GOP ahead of midterms, with Democrats outperforming Republicans by 10% on generic polling.
- President Trump claimed the administration and Iran are near a deal to reopen the strait, though Chris Devine, an associate professor at the University of Dayton, warns voters may still blame Trump for the economic pain.
Insights by Ground AI
11 Articles
11 Articles
Even as stock market hits highs, most Americans are cutting back on spending, survey shows
U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices that have neared record levels.
·Washington, United States
Read Full Article
Coverage Details
Total News Sources11
Leaning Left2Leaning Right0Center8Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
Factuality
To view factuality data please Upgrade to Premium
