According to several indicators, the US economy is doing fine. Joblessness, for instance, is way down, with fewer Americans collecting unemployment benefits than at any time since the 1970s. Still, inflation has caused the cost of food and fuel in the US to soar to a 40-year high. Polling shows that Americans’ sense of financial security and economic stability is waning – a massive problem for President Joe Biden ahead of the midterm elections. Biden says American companies should help tackle inflation by lowering costs, not wages. But Fed Chair Jerome Powell signaled plans to take action this week, raising expectations of an interest rate hike in May. We take a look at US consumer confidence, which reflects general sentiment about the state of the economy, since 2000.
