Shoppers are already shifting purchases to cheaper options, a trend that often coincides with a recession.
The acceleration in inflation points to a stubbornly high cost of living for Americans.
More respondents expected business conditions to improve six months from now.
Sentiment rose on firmer expectations about the economy and personal finances.
The cooling in gas prices, as well as used cars, has offered a respite to consumers.
Both payrolls and the unemployment rate have returned to their February 2020 pre-pandemic levels.
We may find out that the U.S. has entered a recession on Thursday.
The numbers may be a sign that the U.S. has not entered a recession yet.
Inflation's roar to a four-decade high will likely strengthen the Fed's resolve to raise rates.
State inflation relief efforts like the kind found in California may add fuel to the inflation fire.
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