'Simply put, the cost of living is going up, and Americans aren't happy about it. Inflation is overshadowing real bright spots in the US economy.' | Analysis
Consumer sentiment is at a 10-year low, tumbling in November to levels unseen even during the height of Covid-19. A staggering 70% of Americans rate the economy negatively in an ABC News-Washington Post poll. And yet Americans are shopping up a storm, with retail sales soaring in October at the fastest pace since stimulus checks were sent out in March. Walmart, Target and Home Depot are booming. Hiring is strong .
4 million Americans quit their jobs in September, clear evidence of how much leverage workers have in today's economy. Biggest price spike since 1990None of this is to say that inflation isn't a real challenge. It is. Consumer prices surged in October by the fastest pace since 1990. Inflation has been stronger and lasted longer than the White House, the Federal Reserve and the smart money on Wall Street anticipated. The most glaring example is the price at the pump.
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