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US Consumers Resilient Despite Global Woes
22 Apr
Summary
- Unemployment remains low at 4.3%, indicating a strong labor force.
- Banks report resilient consumers spending, borrowing, and investing.
- The Misery Index is below its historical average despite recent inflation.
U.S. consumers are proving to be resilient and employed, with the unemployment rate holding steady at 4.3% as of April 22, 2026. This low unemployment figure is a key indicator for the U.S. economy, especially amidst global hostilities with Iran and elevated gasoline prices. Large U.S. banks, observing payroll deposits and credit card spending, confirm strong credit quality and consumer resilience. Consumers are actively spending, borrowing, and investing, consistent with recent first-quarter earnings reports. The Misery Index, which combines unemployment and inflation, is currently at 7.6% due to a 3.3% CPI jump in March, yet it remains below the historical average of 9.2% since 1949 and significantly lower than "stagflation" peaks.
