US consumer sentiment plunges over tariff and inflation fears
CNN
Inflation is picking up again and President Donald Trump said this week it’s all his predecessor’s fault. But no matter who Trump blames for inflation, America’s economic mood is now souring — and Trump is getting the heat for it.
Inflation is picking up again and President Donald Trump said this week it’s all his predecessor’s fault. But no matter who Trump blames for inflation, America’s economic mood is now souring — and Trump is getting the heat for it. The University of Michigan’s latest survey, released Friday, showed that US consumer sentiment declined in February for the second consecutive month, according to a final reading, down by a steep 10% from January. That was double the decline initially reported earlier this month. It’s a stunning about-face after American consumers and businesses grew hopeful (briefly) about the economy’s future following Trump’s election in November. The latest decline in consumer sentiment was driven by worries over Trump’s tariffs potentially jacking up prices. A new CNN poll released Thursday similarly showed pessimism on the rise because of prices: Nearly two thirds of US adults nationwide, 62%, said they feel Trump’s isn’t doing enough to address inflation. The Michigan survey showed that Americans are now fearful of higher inflation on the horizon. On the campaign trail, Trump promised to “bring down prices, starting on Day One.” Clearly, that didn’t happen. In January, consumer prices climbed at the fastest monthly pace since August 2023, increasing 0.5% from December. Joanne Hsu, the Michigan survey’s director, said in a release that the broad decline was “in large part due to fears that tariff-induced price increases are imminent.”
The biggest event in New Zealand Thursday may have been the opening of a furniture store.
Even if you believe you haven’t yet been directly impacted by climate change, your wallet will feel its effects soon, according to a new study.
Small businesses are “starting to crack” amid a weakening economy, rising inflation and fickle consumers; and they drove job losses in the US private sector in November, new data showed Wednesday.
Prepare for automotive sticker shock next year – again.
Constellation Brands, the US owner of Modelo Especial and Corona, bet big on Latino customers for growth. But that strategy is unraveling under the Trump administration’s mass deportation push.
The European Union agreed Wednesday to phase out Russian natural gas imports by late 2027 as part of an effort to end the bloc’s decade-long dependency on Russian energy.
US wireless carrier AT&T said in a letter to the US telecoms regulator that it had committed to ending diversity, equity and inclusion programs, a move that comes as it seeks approval from the Trump administration to buy wireless spectrum assets.
Larry Summers has been banned for life from the American Economic Association, a professional organization for economists, with more than 17,000 members, over his ties to the late sex offender Jeffrey Epstein.
The US labor market has weakened over the course of the year as hiring has stalled across many industries. The national unemployment rate has ratcheted higher in the process, hitting 4.4% in September.
Michael and Susan Dell are donating $6.25 billion to fund investment accounts for at least 25 million American children.
Gas prices dropped below an average of $3 a gallon in the United States on Tuesday for the first time in four-and-a-half years.
The United States appears ready for war with Venezuela, a prospect that Venezuelan President Nicolás Maduro this weekend attributed to America’s desire to control the country’s vast oil reserves.
Pete Hegseth’s hostility toward the press has been a defining characteristic of his time as defense secretary.