The indicator summarizing business sentiment was at its lowest level in more than a decade, a report on the bank’s business outlook survey released Monday said, except for a brief period early in the COVID-19 pandemic when the economy was shut down.
It said the rising cost of living remains the most pressing concern for consumers and that many expect the impact of higher interest rates on households is far from over.“Those expecting more adverse effects ahead are less likely to plan major purchases,” the consumer report said.
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