Posted on 02/11/2022 10:12:25 AM PST by John W
US consumer sentiment weakened in February to its lowest in more than 10 years as surging inflation made Americans feel less optimistic about the economy and personal finances.
The University of Michigan’s consumer sentiment index dropped to 61.7 from a final January reading of 67.2, which is its lowest since October 2011. Economists polled by Refinitiv expected the index to improve to 67.5.
In the February survey, one-third of all consumers said higher inflation adversely affected their personal finance and almost half expect inflation-adjusted incomes to decline this year.
“The recent declines have been driven by weakening personal finance prospects, largely due to rising inflation, less confidence in the government’s economic policies and the least favourable long-term economic outlook in a decade,” said Richard Curtin, chief economist for the University of Michigan’s consumer surveys.
(Excerpt) Read more at ft.com ...
Remember who was usurping the office of President in 2011?
Prediction: Inflation will peak by mid-late summer and be dropping nicely by September.
biden said it was transitory. The only transitory thing is going to be his presidency.
Yep.... gotta gouge Joe Q. Citizen while the getting is good as well as further deplete whatever savings one might have.
Gee who was VP in 2011?
Government Crak is STRONG!
It’s not like companies are going to drop their prices by then.
It really is like a 3rd Obama term. Doom and gloom. But at least we don’t hear the media whining non stop and don’t have any mean tweets.
“Yep.... gotta gouge Joe Q. Citizen while the getting is good as well as further deplete whatever savings one might have.”
I actually think gouging Joe Q. Citizen is incidental, not Biden’s goal, though the results are all due to Biden. Inflation would be fairly tame right now if not for his energy fiasco. As you know energy costs affect most everything material that gets sold. The housing sale-riot is the result of a combination of housing shortage (due to demographics which no one is paying attention to) and unusually low mortgage rates making housing affordable for many. Those rates will be headed up now.
The shortage won’t go away very soon though. Too much makeup work to do. It will be interesting to follow. My favorite thing to buy right now would be more rural arable land.
“It’s not like companies are going to drop their prices by then.”
They will be able to stop raising them by then, which is how inflation surges end. Within 2-3 years the FED will by worrying over deflation again. Supply will improve.
It’s always about supply and demand. Why people ignore that now is a product of cruddy media reporting.
The confluence of inability to produce and ship enough products due to the virus, the hampering of energy production due to stupidity, conflated with giant govt helo-drops of money and very low interest rates are something I haven’t seen to such an extreme degree during my almost 50 years of watching such things.
Extremes always return to the norm, in nature and in man’s business.
Wow, I haven't seen one of you deflation doom and gloomers for awhile.
YOu guys were everywhere from 2000-2020 and then vanished....But keep on predicting deflation is just around the corner, I'm sure someday you may be right
Saw this on a Shell station gas pump in Vegas where I frequently gas up my Benz. Yesterday, I paid $4.50/gallon for 91 Octane.
I don’t care if a loaf of bread costs 100 bucks, just don’t make any more mean tweets.
“The housing sale-riot is the result of a combination of housing shortage (due to demographics which no one is paying attention to) and unusually low mortgage rates making housing affordable for many.”
More like many fleeing crappy cities/states away from an abundance of dicktators.
I am trying to hold on and not raise prices overtly. If I can do that I think I can gain a little more market share.
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.