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As US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey shows (apnews.com)
submitted 4 months ago by to c/aboringdystopia@lemmy.world
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WASHINGTON (AP) — U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices hover near record levels.

The Conference Board’s consumer confidence index slipped 0.7 points to 93.1 in May, the first decline after three months of gains. The measure hasn’t fallen as much this year as other gauges of consumer attitudes, but it has been stuck at a low level since the pandemic. Before COVID-19, it regularly reached 130.

A separate gauge of consumer sentiment released last week by the University of Michigan fell to a record low this month. Soaring gas and food costs have worsened inflation that is outpacing the average growth in paychecks, reducing most Americans’ purchasing power. Americans have soured on President Trump’s economic policies, polls show, potentially creating problems for Republicans heading into the midterm elections.

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[–] 1 point 4 months ago

A huge part of the gains are propped up by a handful of companies that investors believe are just on the cusp of artificial general intelligence and have thus valued those companies as having the potential to entirely eliminate entire categories of labour in the next decade.

The moment they realize they have been duped, all those "gains" will evaporate overnight.

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