LGB: Consumer Sentiment Falls To Lowest Level Since 2011

Good thing Biden’s on vacation at Camp David yet again this weekend. Sure, sure, he can do pretty much everything there he can do at the White House, but, unlike previous presidents, Biden doesn’t seem to do a damned thing on the weekends, just sleep and get ice cream

US consumers are ‘in a deep funk’: What that means for the economy

As concerns around inflation soar, American consumers’ outlook on the trajectory of the U.S. economy has deteriorated, worrying some experts that negative attitudes could dampen expenditure and put a dent in economic growth.

The University of Michigan’s closely-watched consumer sentiment index fell to 61.7 in early February, hitting the lowest level since October 2011. January saw a reading of 67.2.

Recent declines in the measure have been driven by weakening personal financial prospects amid rising inflation, less confidence in the government’s economic policies, and the least favorable long-term economic outlook in a decade, the University of Michigan said in its latest report Friday.

The reading follows fresh CPI data out Thursday that showed U.S. inflation accelerated last month in the fastest rise since 1982, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions.

“Incredibly, the consumer is polling negatively on almost everything when it comes to the economy, and if their confidence doesn’t improve, the economy could be headed towards the cliff of recession,” FWDBONDS chief economist Christopher S. Rupkey said in a note. “We almost have to recheck our figures because the consumer is clearly in a deep funk and if they decide to call it quits then the economic growth we have seen is going to fade fast.”

Almost every single move the Brandon admin has made has hurt the economy and consumer confidence. Even his talking points hurt. Say what you will about Mr. Mean Tweets, Trump was focus on the economy and helping the middle and lower classes.

“The big drop in consumer sentiment through February is concerning,” Bill Adams, chief economist for Comerica Bank, said in a note, pointing out the indicator is down 26.6 points from its recovery-to-date high in April 2021 through the February preliminary release.

If we go by Democrat talking points, that would mean that the sentiment was high due to the work of the Trump admin, and then Brandon crashed it.

Morgan Stanley chief economist Seth Carpenter told Yahoo Finance Live that the data shows as long as job gains continue, consumer spending tends to hold up.

“Consumer sentiment numbers are a bit of a cautionary tale… but fundamentals still look pretty good,” said Carpenter.

And, hopefully this turns around, which would be in contradiction to Biden’s policies. Of course, the “new” jobs are mostly just replacing those lost during the Chinese coronavirus.

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One Response to “LGB: Consumer Sentiment Falls To Lowest Level Since 2011”

  1. Hide the women and children says:

    I fear that there is no way forward politically and socially for civilization. They are rioting, looting, and disrespecting governments all around the world.

    A reckoning is about to overtake this world. The CIA and FBI and other nations’ similar services have all chosen sides. Right now the CIA is spying on you, if you have somehow touched their radar they have pegasus on your phone.

    I have no doubt the owner of this blog has pegasus on his phone. They can listen to you even when your phone is turned off. They can install the spying software without you doing a thing and it’s undetectable. When the S*** hits the fan you can bet that people like the owner of this blog will be rounded up and his blog shut down because he dares to challenge the consensus.

    War is coming for us all. There is no way forward. The level of hate and vitriol by left vs right and right vs left is a 15 on a scale of 1-10. There is nothing that I can see, not even a war, Joe Biden, that will bring down the hate and animosity.

    The forest of humanity is suffering a cultural drought and the tinder is waiting for a spark. Any spark and it is game on. Just saying.

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