Posted on 08/13/2021 4:26:02 PM PDT by blam
Following UMich’s sentiment slump in July, analysts expect a further (modest) slide in Americans’ confidence in preliminary August data this morning. They wewre wrong, very wrong!
Sentiment crashed in early August data according to UMich Sentiment survey with the headline plunging from 81.2 to 70.0 – that is weaker than the April 2020 COVID crisis lows…
Worse still, ‘expectations’ collapsed too.
“just 32% of consumers thought that the economy would improve, well below last month’s 45% and the 50% in June”
Over the past half century, the Sentiment Index has only recorded larger losses in six other surveys, all connected to sudden negative changes in the economy: the only larger declines in the Sentiment Index occurred during the economy’s shutdown in April 2020 (-19.4%) and at the depths of the Great Recession in October 2008 (-18.1%).
Confidence collapsed for both Republicans and Democrats…
Even more ominously, while short-term inflation expectations eased very modestly, longer-term expectations rebounded back to multiyear highs (inflation was expected to average 3.0% over the next five years, up from 2.8% in the past two months, regaining the same level as in May.)…
.png?itok=0zhHB3_l)
And the inflation expectations have sent “bad” buying conditions expectations to record highs across all segments…
Presumably this is due to the Biden administration’s scaremongering response to the Delta variant (which obviously is due to white supremacist anti-vaxxers not being vaccinated)… except it’s not…
“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.
Who in hell wants to buy anything but necessities in this epic leftist driven chaos? That’s like going to the range during an ammo shortage...No bueno.
Bidenflation!
Inflation is driven by the money supply. That has been growing at 38% until the last two months were it went down to 15%. What this means is Inflation is going to be become worse that the Carter years. Combine that with the Communist Revolution and the Outlook is not good.
Take a little bit and buy some crypto. It’s all going up across the board. Can’t hurt.
No matter how bad it gets, at least we know that the President had his butt wiped at least once. That’s if we can believe him, which is sketchy.
Good. More inflation, please. Crater consumer confidence even further. $5+/gal for gas. Presidential vaccine and mask mandates. Mail-in voting only. Anything that pours more gasoline on the fire. People don’t seem to give a damn, so let’s make everyone suffer equally.
So, when, precisely, did the phrase “consumer confidence” transmorgrify to “consumer sentiment?”
FRicking LIEberals!
And their word games!
The Biden Economy.
This (and everything covid) is what happens when public policy formulation, implementation and enforcement is turned over to subject matter “experts”. Happens every time it happens in every area of social policy ... there are no exceptions to this fact of life and of human nature.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.