By now, you have probably seen the news headlines. In May, inflation rose 8.6% year-over-year, the highest level in four decades, since 1981. Increasing inflation was driven by rapidly rising food and gas prices, which are two areas that directly impact consumers.
Looking at airlines, according to Ryan Detrick (a Chartered Market Technician and Chief Market Strategist for LPL), “airfare prices were up 12.6% last month, on the heels of 18.6% the prior month. These are the two highest month-over-month changes ever.” Given some of these snippets, it should not come as a surprise that consumer sentiment has now reached a historic, 85-year low.
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