Goldman Sachs Warns of Challenging Months for US Consumers Due to Inflation
Goldman Sachs has warned that US consumers are facing a challenging period due to rising inflation, particularly from increased gas prices linked to the conflict with Iran. The firm estimates that higher gasoline prices could reduce household incomes by up to $140 billion annually, with the most significant impact on lower-income households. The University of Michigan Consumer Sentiment Index has also hit a record low of 47.6, indicating a severe decline in consumer confidence.
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Topics: consumer spending economic outlook gas prices Goldman Sachs inflation