Americans are feeling slightly better about the economy, but inflation still bites
CNN
Americans are feeling slightly better about the economy, but painfully high inflation is still keeping consumer sentiment at close to an all-time low.
The preliminary index for the university's Surveys of Consumers rose to 51.1 in July from the record low of 50 posted in June.
"The share of consumers blaming inflation for eroding their living standards continued its rise to 49%, matching the all-time high reached during the Great Recession," said Joanne Hsu, Surveys of Consumers director, in a statement. "These negative views endured in the face of the recent moderation in gas prices at the pump."
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.