As Americans’ economic confidence continues to rise, so does their outlook for inflation. The latest data from the Federal Reserve Board of Governors’ Consumer Credit report shows that Americans are beginning to feel better about both the economy and inflation.
The report found that the number of consumers who felt positively about the economy increased from 28 percent in June to 34 percent in August. Additionally, the number of people who felt that inflation would be in the 3 to 5 percent range by the end of the year rose from 24 percent to 37 percent.
The report also found that Americans are becoming increasingly confident in their job security, with the number of people who feel that their jobs are secure or safe rising from 54 percent in June to 63 percent in August.
Overall, Americans seem to be feeling increasingly optimistic about the economy, with fewer people report being worried about rising prices, economic instability, and job security. This suggests that consumer spending, one of the major drivers of economic growth, will remain robust in the near future.
At the same time, it is important to remember that while Americans may begin to feel better about the economy and inflation, the 2020 election could still have a significant impact on economic sentiment. Regardless, it is encouraging to see that people are beginning to feel more confident about their economic future, and the purchasing power they have.