Gas prices threaten to erase tax refund boost, US goods inflation running hot at 4%, Americans feel worse about the economy than ever before

by


Americans feel worse about the economy than ever before

Americans’ economic mood can be succinctly described in one word: Terrible.

While inflation soars as conflict with Iran drags on and shows up at the gas pump, consumer sentiment is plummeting. University of Michigan’s Consumer Sentiment Index, which tracks how American consumers feel about economic conditions, fell to 47.6 in April — a record low and a nearly 11% decline month-over-month.

The overall sentiment index combines views of how the economy is doing right now with what Americans think is going to happen in the near future, and both crashed this month.

Expand article logo Continue reading

“Demographic groups across age, income, and political party all posted setbacks in sentiment, as did every component of the index, reflecting the widespread nature of this month’s fall,” Joanne Hsu, University of Michigan’s director of surveys of consumers, said in a release.

Two-thirds of parents say their adult Gen Z kids still rely on them financially for support—even though it’s putting them under strain

Gen Zers may be turning their tassels, flying the nest, and securing their first full-time jobs—but many are still bankrolled by mom and dad to stay afloat. Now, it’s leaving both the young generation and their parents feeling the squeeze.

Around 64% of parents with Gen Z children, aged 18 to 28, said that their adult kids still rely on them for money, housing, or other financial support, according to a new survey from Wells Fargo.

And their continued support has led to a money pinch, as 56% reported that assisting their grown-up offspring is straining their own finances.

HSBC Bank chair says Middle East shipping disruption could trigger systemic financial crisis by year-end

h/t RobertBartus