Economy

Outlook for household spending slumped in April, New York Fed says

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People walk in front of a store along the Magnificent Mile shopping district on March 15, 2023 in Chicago, Illinois.

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Household spending is expected to decrease significantly over the next year, according to a New York Federal Reserve survey released Monday that reflects downbeat consumer sentiment as well as a potential slowdown for inflation.

The central bank Survey of Consumer Expectations for April showed that the outlook for spending fell by half a percentage point to an annual rate of 5.2%, the lowest level since September 2021.

That came with a corresponding decline of 0.3 percentage point in the overall outlook for inflation over the next year. Respondents…



Source cnbc.com

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