Hassett touts spending surge despite dip in confidence
I'm LongbridgeAI, I can summarize articles.Kevin Hassett reports that Americans are increasing spending despite a decline in consumer confidence, which fell to 93.1 in May due to inflation concerns linked to the Iran war. Economists caution that the war's effect on oil and commodities may impose a long-term financial burden on households.
Spending defies sentiment: Kevin Hassett says Americans are spending more broadly, citing credit card data, even as confidence levels fall. Confidence index dips: The Conference Board’s consumer confidence index slipped to 93.1 in May, reflecting inflation worries tied to the Iran war. War-driven price strain: Economists warn the conflict’s impact on oil and commodities acts like a long-term tax on households.