Press Release - President Biden's Economic Plan is Working as New Data Reveals Increased Sentiment and Declining Consumer Expectations of Inflation
President Biden's economic plan is working. Today, data released from the University of Michigan, shows increased consumer sentiment and declining consumer expectations of inflation.
- Consumer expectations of inflation over the next year dropped from 4.6% in May to 4% in June. And, expectations of consumer inflation over the next 5 years dropped from 3% in May to 2.8% in June.
- At the same time, as the economy continues to grow and create jobs – due to a robust vaccination program and President Biden's American Rescue Plan – consumer sentiment rose this month above market expectations, by 4.2% vs. the 1.8% that investors were expecting.
- Stepping further back, since January of this year, consumer sentiment has improved by 9.4%. And, the index of consumer sentiment as measured by the University of Michigan, is actually 10.6% better than it was back in June 2020.
Consumer sentiment is up and expectations of inflation are down. This data is just another proof point that shows how President Biden's economic plan is working, and building an economy from the bottom up and the middle out, not the top down.
Joseph R. Biden, Press Release - President Biden's Economic Plan is Working as New Data Reveals Increased Sentiment and Declining Consumer Expectations of Inflation Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/350339