Posted on 11/14/2021 4:14:36 PM PST by Hojczyk
index, consumer confidence fell last month to 66.8, down from 71.7 the previous month. The latest number is the lowest in 10 years.
This is another one of those “unexpected” developments. Economists surveyed by Bloomberg had expected that the consumer confidence index would rise slightly. (Would you participate in a survey about what another survey will find? I wouldn’t.)
The University of Michigan survey found:
Half of American families anticipate bringing home smaller incomes after adjusting for inflation next year.
One in four consumers say inflation has led to a reduced standard of living.
Rising prices for homes, vehicles, and durables were reported more frequently than any other time in more than half a century
The chief economist who worked on the survey explained the decade-low level of consumer confidence by pointing to the obvious cause — inflation. He added that there’s a growing belief among consumers that “no effective” policies have been put in place to reverse the trend.
Actually, the Democrats are trying to ram through another massive spending increase that would accelerate the inflationary trend, not reverse it.
As to the economic effects of declining consumer confidence, the chief economist said:
The moods of consumers play a central role in how information is processed. Positive moods promote more casual and less detailed information processing, and negative moods promote more formal and deliberate information processing, especially of potentially negative developments.
(Emphasis added)
I think that means low consumer confidence is bad for the economy in the short term. I’m pretty sure it’s bad news for Democrats.
(Excerpt) Read more at powerlineblog.com ...
Brandon is proud!
Hmmm... Who was President 10 years ago? /rhetorical question
“Too much consumin’ going on out dere.”
I read that as “Too much communism going on out dere.”
You’ll own nothing, and you won’t be happy.
I like yours better.
Exactly what I was about to post
Despite the media working hard for them, SlowJoe and the Dems certainly look to be on a path toward Nov 2022 fail.
Could there be a cause for this loss of confidence? I wonder what it might be?
The Dems have NUTTIN’ other hatren for Trump. How is it Trump had perfectly executed plans/solutions? Since the election the Dems have pretty well destroyed all things Trump, just look at their own creation... what a mess.
Another way to weaken the country.....hit it with a consumer confidence falling. Should work too because Biden has no concern of what the people think, nor his administration, they just keep moving forward destroying all they can.
Inflation most in four decades. Dem approval lowest ever in polls. Biden and Harris heading for bottom in approval. Consumer confidence lowest in 10 years.
This is a time of records being challenged.
Good.
bookmark
Dat dare consumin’ makes up 70% of our economy.
When basics-energy, shelter transportation and food take up the majority of our incomes, there will be nothing left for discretionary spending. That’s when we become like the EU and others.
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