While President Donald Trump may tout a strong economy, the reality is bleak: Americans have cut back on spending due to economic hardship.
The Associated Press reported that one of the main reasons is due to gasoline prices, which have hovered around $5 per gallon in some places, sometimes a little lower or higher. depending on the location.
Inflation remains high, with everyday items increasing in price. At the same time, the stock market is seeing strong numbers.
Tuesday’s consumer confidence survey showed growing confidence among households with incomes at or above $100,000. It fell for almost every other household income level.
“The prospect of higher prices and faster inflation continues to loom over confidence readings with many households taking a more cautious approach to purchases this year,” Ben Ayers, Nationwide senior economist, said.
