[Economics] The confidence of Hispanics in the US economy falls especially due to inflation

[#Wittels-]

Hispanic confidence in the US economy plummeted in the second quarter of the year, falling from 92% to 78.3%, largely due to "rising inflation," according to a Florida Atlantic University survey. (FAU) disclosed this Monday.

This deterioration in the economic outlook is due to "fears of escalating inflation and an impending recession," according to the Florida Atlantic University Business and Economics Survey Initiative (FAU BEPI) at the FAU School of Business. .

"Hispanic consumers have remained relatively optimistic about their financial situation, despite continued inflation, but patience is beginning to wear thin," said Mónica Escaleras, director of FAU BEPI.

For Escaleras, it is evident that "the high inflation of four decades and the constant predictions of an imminent recession are damaged by the opinion of Hispanics about their personal finances and the US economy in general."

When it comes to Hispanics' views on their personal finances, only 56% said they are better off financially than a year ago, down from 65% in the first quarter and 59% in the fourth quarter of 2021.

Additionally, 71% "expect to be more optimistic about their financial situation in a year," compared to 73% in Q1, 70% in Q2 2021, and 74% in Q2 2021.

 

Only 37% think this is a good time to buy big-ticket items, down from 50% in the first quarter and 53% in the fourth quarter of 2021.

And just 43% said they expect the country to experience good business conditions in 2023, compared to 55% in the first quarter and 51% in the fourth and second quarters of 2021.

 Regarding the long-term economic outlook, 51% expect business conditions to be favorable in five years, compared to 61% in the first quarter, 53% in the fourth of 2021 and 59% in the same quarter of last year.

The consumer price index rose 9.1% last June from a year earlier, meaning inflation rose at a rate not seen since 1981, the US Bureau of Labor Statistics reported last week. . .

The FAU survey is based on a sample of Hispanic adults collected between April 1 and June 30. The margin of error was +/- 4.41 percentage points. EFE (I)

 

Link: https://www.larepublica.ec/blog/2022/07/18/confianza-hispanos-economia-eeuu-cae-notablemente-inflacion/