According to the latest survey data, more Americans are starting to feel better about the economy and the rate of inflation. The survey, conducted by the National Association for Business Economics (NABE), found that overall consumer confidence is slowly improving as GDP growth continues to be strong and the unemployment rate remains low.
While a majority of Americans (71%) still believe that the economy is in an overall negative state, the numbers show that overall confidence is increasing from a year ago when only 62% felt the same way. This marks an important sign in a recovery, as increased optimism from the public can help spur more spending, which will only further help the economy.
The survey also found that a majority of Americans believe that inflation will remain lower than 2% over the next several months. This is essential for the U.S. economy, as a higher rate of inflation could signal economic trouble. This is especially true, as higher inflation can lead to an increase in borrowing costs, as well as a decrease in consumer spending.
The good news doesn’t stop there. A majority of respondents believe that the U.S. labor market will remain strong in the coming months, with 60% expecting wages to continue to rise. This could further help to improve the economic outlook of the country, as wages are a key indicator of overall consumer health and spending power.
Overall, it looks like Americans are starting to feel better about the economy and inflation. Hopefully this trend will continue and help to fuel more growth in the near future.
