A recent poll shows that Lancaster County consumers are lowering their expectations regarding the local economy if they resist constant inflation.
This attitude can be summed up in a survey of a 64-year-old man from Nefsville on the question of whether it is a good time for major home shopping: “Buy now if you can find them. Prices are still rising. The names of the respondents are not collected in the survey.
Consumer sentiment estimates in Lancaster County in April were 66.2, almost unchanged from 66.9 in March. It was then that the optimistic strip of Lancaster County contrasted with the decline in confidence in the country.
A local survey was conducted the Lancaster County Center for Regional Development’s economic development campaign during the first seven days of April with LDL | LancasterOnline. It is held monthly and simulated after a survey conducted by the University of Michigan for comparison with national results.
Consumer sentiment reflects attitudes toward household financesconditions and economics, measuring current conditions and future expectations. A man from Nafsville said he expects his financial situation to be the same as it is now in a year.
The survey provides a measurement of current conditions and future expectations. Current conditions have prompted county respondents to share a slightly more supportive attitude toward major home purchases in April.
However, this opinion does not reflect optimism, writes Naomi Young, director of the Center for Regional Analysis, which conducts the survey.
“Households expect prices to continue to rise, and (respondents) suggested that making a large purchase now will help avoid rising prices caused by constant inflation,” Young said.
The county poll also found more bleak forecasts reflecting expectations that inflation will continue to rise.
“The Lancastrians had dimmer expectations of improving local economic conditions in the short term,” Young said. “Economic policies and constant price pressures due to inflation continue to have an important impact on the mood of local consumers.”
Hope for recovery
Meanwhile, the national score rose by six points to 65.7. Despite the fact that consumer sentiment at the national and local levels continues be close to the average during the Great Recession and the lowest pandemicYoung’s analysis gives some hope that consumer attitudes may begin to recover.
Although the local and national results were the same, the results of the county poll were a departure from the nation as expectations in the economy and personal finances improved. Researchers from the University of Michigan, responsible for the national survey, link growth to wage expectations and a strong job market, which are not so strongly shown in the Lancaster survey.
Young said the combination of consumer sentiment, which is improving at the national level while at the local level is stable, underscores the uncertainty in the economic environment.
“Movements this month cautiously hint that consumer spending remains resilient to inflation, threats to COVID options and geopolitical factors,” Young wrote.