Consumer Confidence Edges Up, But Inflation Soars

0:00It's April 28th. I'm Cory with the story, and this is Canada News today. Local news powered by AI. US consumer confidence edged up just a bit. This April to 92.8 from 92.2 last month. That's according to the conference board, but folks are still stressed about sky-high energy prices tied to the war in Iran. Inflation jumped hard last month, with prices up 3.3 percent from a year ago and 0.9 percent from February alone. The biggest, monthly spike in nearly 4 years. Gas prices hit their largest leap in 6 decades. All thanks to that conflict shaking up oil supplies. Consumers are feeling the pinch, especially lower and middle income families who now struggle more with food and rent as energy costs eat into their budgets. Economists say people are down about high prices for gas, housing, and electricity until the middle east mess cools off. The short-term outlook for jobs and income climbed a tad to 72.2, but it stayed under 80

1:02for 15 straight months, a red flag. For possible recession. Meanwhile, views on the current economy dips slightly to 123.8. With inflation still above the Fed's 2 percent goal, don't expect interest rate cuts when they wrap their meeting tomorrow. Confidence sits near pandemic lows, so keep an eye on how this plays out for everyday wallets.