ROCHESTER, N.Y. – Consumer sentiment remained unchanged from April to May, according to revised data.
Initially, it seemed consumers were becoming more pessimistic, but the revised data shows that the level is unchanged, so the optimist would view that as good news.
However people choose to interpret the data, the numbers show consumers are expecting inflation to spike 6.6%, well above the current level. The index shows consumer sentiment improved slightly in late May after President Donald Trump announced a temporary pause on some tariffs on Chinese goods.
The Commerce Department released a key inflation gauge showing inflation in April dipped to 2.1%, just above the Federal Reserve’s 2% target. This measure, known as the Personal Consumption Expenditures Price Index, reflects what consumers pay for goods and services.
In other news, some state lawmakers are working to stop scalpers buying tickets and reselling them for outrageous prices.
A proposed bill would allow artists to prohibit ticket resale for profit, cap fees at 25%, and require promoters to disclose ticket allocations. However, lobbyists for resellers like StubHub argue the bill would harm consumers.
They say the bill would only give Ticketmaster more power, a company consumer advocates say operate like a monopoly.
With only three weeks left in the legislative session, the bill’s progress remains uncertain.
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Consumer Headlines: Consumer sentiment, inflation gauge and ticket scalping WHEC.com.
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