Episode 46: Consumers are anxious about inflation, trade policies and jobs, alongside higher unemployment expectations.
- Consumer prices dipped 0.1% in March, driven by a 6.3% drop in gas prices, according to the Bureau of Labor Statistics. Over the past year, prices rose 2.4%, down from 2.8% in February.
- Food prices climbed 0.4% month-over-month, with eggs jumping nearly 6%.
- Core inflation rose 0.1% in March and 2.8% over the year. That was the smallest gain since 2021.
- The Producer Price Index dropped 0.4% in March, with gasoline falling 11%.
- Steel mill production increased over 7%, and residential electric power costs climbed.
- Wholesale prices rose 2.7% over the past year.
- University of Michigan’s Consumer Sentiment Index fell to 50.8 in April, down 11% from March.
- The Federal Reserve announced a pause, citing tariffs' impact on prices and the job market.
- Building permits rose slightly in March, but housing starts fell by over 11%. Housing completions edged down 2% yet were up almost 4% year-over-year.
- Mortgage applications dropped 12.7% in mid-April as rates climbed to 6.9%.
- Refinance activity fell 20%, while purchase applications were down 7% week-over-week but up slightly year-over-year.
- The Conference Board’s Leading Economic Index dropped 0.7% in March, signaling slower growth ahead.
For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.
