Despite heightened recession fears ahead of the Fed’s anticipated July rate hike, consumer sentiment improved marginally to 51.1 in July from an all-time low of 50 in June. However, due to the Central Bank’s aggressive stance on inflation, recessionary fears are growing.
Chief U.S. economist Paul Ashworth of Capital Economics stated, “Confidence is still very, very, low, illustrating that surging inflation and the damage it is doing to their purchasing power is a big issue for households.”
