Americans continued to expect inflation to remain elevated over the next year. theSun theSundaily American inflation economy business
Shoppers inside a supermarket in Rosemead, California. Tighter financial conditions have not materially impacted US consumers' confidence about the economy, says an economist. – AFPpicUS consumer confidence unexpectedly increased in March despite recent financial market turmoil sparked the collapse of two regional banks, but Americans continued to expect inflation to remain elevated over the next year.
“Tighter financial conditions have not materially impacted consumers' confidence about the economy,” said Jeffrey Roach, chief economist at LPL Financial in Charlotte, North Carolina. “The availability of jobs and low unemployment more than offset the negative impact from recent banking crises.” The survey's so-called labour market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, fell to a still-high 38.8 from 40.7 in February, remaining consistent with a tight labor market.
The US central bank has hiked its policy rate by 475 basis points since last March from the near-zero level to the current 4.75%-5.00% range. Annual house price growth remained strong in the Southeast, with double-digit gains in Miami and Tampa. Prices continued to fall in the West, with annual decreases in San Diego, Portland, San Francisco and Seattle.
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