Gas is up 51% since February. Americans just started buying less of everything else |
Gas is up 51% since February. Americans just started buying less of everything else
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.
The Conference Board’s consumer confidence index slipped 0.7 points to 93.1 in May, the first decline after three months of gains.
The index follows a separate gauge of consumer sentiment released last week by the University of Michigan, which fell to a record low this month. Spikes in gas prices as well as higher food costs have worsened inflation, which has outpaced the growth........