Passing along an update from our monthly survey tracking Covid sentiment, inflation expectations, and spending/personal finances sentiment. 

Open Report:Bespoke – Monthly Macro and Covid, April

Key Takeaways and Charts:

  • Inflation: 1 year inflation expectations dropped m/m. Prior to this month’s decline, 1 year inflation expectations were surging higher and reached a series high in our March 2022 survey (survey inception was in 2014).
  • Covid: Covid concerns are down considerably and consumers are becoming less likely to say they are making behavioral changes to avoid catching Covid.
  • Confidence in Economy: Consumer confidence in the economy has softened over the past 4-6 months. Confidece in personal finances, however, are basically net neutral and range bound.
  • Hours Worked: After slacking relative to historical levels in 2020/2021, hours worked per week among employed respondents is starting to climb back to pre-pandemic levels.
  • Spending Plans: Discretionary spending plans have softened relative to series highs set in October of 2021. The data ist now more in line with pre-pandemic levels following a more volatile period in which expectations dropped sharply at the very beginning of Covid only to climb aggressively into the peak we mentioned that was set in October of 2021.
  • Gas Prices: The share of consumers noticing higher gas prices ripped higher in late 2021 and through March of 2022. Data is still near highs this month, but it did decline a bit m/m relative to March 2022 data.
  • Bitcoin: Interest in buying Bitcoin among those who are aware increased m/m following a 5 month decline prior to our April survey.