Gas prices are down. Decades-high inflation appears to be easing. Consumer sentiment, which hit rock bottom in June, has begun inching up in recent weeks.
“While consumer sentiment is still fairly low by historic standards, we’re starting to see pretty dramatic improvements,” said Joanne W. Hsu, an economist at the University of Michigan and director of its closely watched consumer surveys. “It’s very much being driven by a slowdown in inflation, particularly with the decline in gas prices.”That’s particularly good news for the White House, which has been hammered by criticism that it hasn’t done enough to address inflation.nationwide.
“For a long time, I was making sure I wasn’t just indiscriminately filling up my cart at the grocery store, but now a lot of that behavior has loosened up a bit,” the 58-year-old said. “When gas went back to $3.50 a gallon, all of a sudden it was like, ‘Oh, we know how to make this work. Things are going to be okay.’”The Fed has been moving swiftly to raise interest rates enough to contain inflation.
Although inflation is still a top priority for U.S. voters in the run-up to the midterm elections, the share of Americans who say it is their biggest concern has fallen. Some 30 percent of Americans say rising prices are their No. 1 voting issue, down from 37 percent in July, according to a newAfter more than a year of widespread price increases, many households have become savvier about their spending habits.
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