Posted on 08/14/2021 8:13:39 AM PDT by Browns Ultra Fan
U.S. consumer sentiment fell in early August to the lowest level in nearly a decade as Americans grew more concerned about the economy’s prospects, inflation and the recent surge in coronavirus cases.
Consumer sentiment in U.S. plunges on concerns about virus, economic prospects
“Consumers have correctly reasoned that the economy’s performance will be diminished over the next several months, but the extraordinary surge in negative economic assessments also reflects an emotional response, mainly from dashed hopes that the pandemic would soon end,” Richard Curtin, director of the survey, said in the report.
The expectations gauge plummeted almost 14 points to 65.2, the lowest since October 2013. A measure of consumers’ outlook for the economy over the coming year soured, falling the most since the onset of the pandemic in March 2020.
Rising prices are having a clear impact on Americans’ budgets, particularly among those with lower or fixed incomes. Nearly a third of those aged 65 or older complained that inflation had lowered their living standards, as did about a fourth of those with incomes in the bottom third or with a high school education or less.
The Michigan report showed buying conditions deteriorated to the lowest since April of last year.
Buying conditions deteriorate sharply for American consumers as prices soar
Yes, only 30% of respondents felt that it was a good time to buy a home. Particularly since home prices are rising at a 16.6% YoY pace, faster even than the peak of the infamous home price bubble of 2005. But this time, The Fed is blowing the bubble, not easy mortgage credit like in 2005.
Apparently, Treasury Secretary Janet Yellen does not inspire confidence in consumers.
(Excerpt) Read more at confoundedinterest.net ...
Realtors always say “this is a great time to buy a home” because their commissions depend on transactions.
Only politicians and “financial advisers” are more sleazy.
Amen!!!!!!!
I only buy when prices are at the highest they will be for the next several years. It helps keep me poor. Also, I put most of my purchases on high interest credit cards and carry the balance.
The numbers are valid, but to be fair the graph is not an even vertical scale (so there is not the same space from 0 to 100 as there is from 100 to 200).
That is an old trick from the classic “How To Lie With Statistics”.
202021 was a very good year...
I traveled from the future to tell you this...
“but to be fair the graph is not an even vertical scale (so there is not the same space from 0 to 100 as there is from 100 to 200).”
The graph has even increments of 20 on the vertical scale. It simply does not start at 0. The years on the horizontal do not start at zero either. So the often used technique you site is not being used here.
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