CHARLOTTE, N.C. (Reuters) – The U.S. economy is slowing as consumers are buffeted by inflation and pandemic-driven demand for goods returns to more normal levels, Richmond Federal Reserve president Thomas Barkin said on Tuesday.
“I definitely see signs of softening,” Barkin said, with the evidence “most pronounced in lower income households” and in parts of the economy that saw demand surge during the pandemic. While hiring remains strong, Barkin said he was still trying to determine if that is driven by underlying economic strength, or employers scarred by earlier hiring difficulties and determined to stockpile workers.
(Reporting by Howard Schneider)
