""Americans are literally getting squeezed now," she told Fortune. "It's not just a vibe, it's a financial reality." Average hourly earnings rose 3.6% over the past year, according to Friday's jobs report from the Bureau of Labor Statistics. Inflation in April is expected to come in around 4%, intensified by the U.S.-Israeli war in Iran and gas prices that have now crossed $4.55 a gallon nationally."
U.S. consumer sentiment reached 49.8 in the University of Michigan’s final April reading, the lowest in the survey’s 74-year history. Several of the lowest readings occurred within the past nine months. Critics note that survey responses can diverge from actual behavior and can be influenced by partisanship, including findings that people may rate the economy far more favorably when their party controls the White House. The sentiment data may still reflect real financial strain, with workers facing sticky inflation. Hourly earnings rose 3.6% over the past year, while April inflation is expected near 4%, with additional pressure from war-related supply shocks and gas prices above $4.55 per gallon. Real earnings are expected to flatten or turn negative in April and be definitely negative in May.
Read at Fortune
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