As the days become shorter and record-high summer temperatures finally begin to cool down, young students and their families naturally begin thinking about the return to school and college. Fortunately, the future looks bright as economic conditions continue to improve.
Inflation is gradually easing, as consumer prices fell to 3% in June, a sharp decline from last summer’s peak of 9%. Meanwhile, a resilient job market has kept unemployment near historic lows, despite well-publicized layoffs in certain high-profile sectors like tech and banking.
The Federal Reserve is not quite done raising rates, but it has indicated that as long as the economy doesn’t get too hot, it will slow the pace of increases, with an eye toward capping rates sometime in 2024.
These positive indicators are helping boost consumer confidence. The University of Michigan’s US Index of Consumer Sentiment is at 72.60 as of July, up from 64.40 in June and 51.50 a year ago, an improvement of over 40%.
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