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    June 3, 2022

    Persistent Inflation Erodes May Consumer Confidence

    Written by David Schollaert

    US consumer confidence edged lower in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation, The Conference Board reported.

    Confidence could stumble further as stubborn inflation may be around for a bit. Inflation soared over the past year at its fastest pace in more than 40 years. The Federal Reserve raised its main borrowing rate by a half-point in early May, with the possibility of more half-point increases this year.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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