Elizabeth Ayoola

Going back to what we were discussing earlier, this data is on a lag. So the 2.3% is the March growth rate, and the biggest tariff announcements were saved for April.

Going back to what we were discussing earlier, this data is on a lag. So the 2.3% is the March growth rate, and the biggest tariff announcements were saved for April.

So if prices were increased in anticipation of tariffs or as the initial tariffs started to take place, we're likely to begin seeing that when we get April data, followed by months of potential increases as various tariffs take effect, if, in fact, they do.

So if prices were increased in anticipation of tariffs or as the initial tariffs started to take place, we're likely to begin seeing that when we get April data, followed by months of potential increases as various tariffs take effect, if, in fact, they do.

So if prices were increased in anticipation of tariffs or as the initial tariffs started to take place, we're likely to begin seeing that when we get April data, followed by months of potential increases as various tariffs take effect, if, in fact, they do.

Consumer sentiment data, like the index you just mentioned, can serve as leading indicators for the direction of the actual economy. In other words, how people feel can signal both things they're experiencing that haven't yet made it into the hard data, but also how they might be changing their behaviors, which will ultimately impact the hard data too.

Consumer sentiment data, like the index you just mentioned, can serve as leading indicators for the direction of the actual economy. In other words, how people feel can signal both things they're experiencing that haven't yet made it into the hard data, but also how they might be changing their behaviors, which will ultimately impact the hard data too.

Consumer sentiment data, like the index you just mentioned, can serve as leading indicators for the direction of the actual economy. In other words, how people feel can signal both things they're experiencing that haven't yet made it into the hard data, but also how they might be changing their behaviors, which will ultimately impact the hard data too.

So sentiment data from several sources, including the Conference Board and the University of Michigan, has been declining. And it's likely a solid warning sign to pay attention to. We do our own sentiment research at NerdWallet, working closely with the Harris Poll. That's a partnership we've had for over a decade now.

So sentiment data from several sources, including the Conference Board and the University of Michigan, has been declining. And it's likely a solid warning sign to pay attention to. We do our own sentiment research at NerdWallet, working closely with the Harris Poll. That's a partnership we've had for over a decade now.

So sentiment data from several sources, including the Conference Board and the University of Michigan, has been declining. And it's likely a solid warning sign to pay attention to. We do our own sentiment research at NerdWallet, working closely with the Harris Poll. That's a partnership we've had for over a decade now.

And recently, we found 87% of Americans say they're planning to change their financial strategy over the next 12 months in response to tariffs. So when these strategies involve changes to spending, investing, and saving, it can have dramatic impacts on the economy overall.

And recently, we found 87% of Americans say they're planning to change their financial strategy over the next 12 months in response to tariffs. So when these strategies involve changes to spending, investing, and saving, it can have dramatic impacts on the economy overall.

And recently, we found 87% of Americans say they're planning to change their financial strategy over the next 12 months in response to tariffs. So when these strategies involve changes to spending, investing, and saving, it can have dramatic impacts on the economy overall.

Definitely, yes, in the soft data, which is what we often call sentiment data, as I was just discussing. But we're seeing it in the hard data, too, in imports and purchases ahead of tariffs. This is just the tip of the iceberg, though. We'll first see things that people are doing in anticipation of the potential economic change. Then we'll see reactions to the actual economic change.

Definitely, yes, in the soft data, which is what we often call sentiment data, as I was just discussing. But we're seeing it in the hard data, too, in imports and purchases ahead of tariffs. This is just the tip of the iceberg, though. We'll first see things that people are doing in anticipation of the potential economic change. Then we'll see reactions to the actual economic change.

Definitely, yes, in the soft data, which is what we often call sentiment data, as I was just discussing. But we're seeing it in the hard data, too, in imports and purchases ahead of tariffs. This is just the tip of the iceberg, though. We'll first see things that people are doing in anticipation of the potential economic change. Then we'll see reactions to the actual economic change.

In the case of tariffs, this is higher prices and constrained supply chains. Further, we'll continue to see reverberating effects of this in the labor market as businesses deal with higher costs and lower consumer demand, and potentially even further downstream in things like debt levels and delinquencies.

In the case of tariffs, this is higher prices and constrained supply chains. Further, we'll continue to see reverberating effects of this in the labor market as businesses deal with higher costs and lower consumer demand, and potentially even further downstream in things like debt levels and delinquencies.

In the case of tariffs, this is higher prices and constrained supply chains. Further, we'll continue to see reverberating effects of this in the labor market as businesses deal with higher costs and lower consumer demand, and potentially even further downstream in things like debt levels and delinquencies.