The Consumer Confidence Index fell for the THIRD straight month in September, indicating that Americans are becoming more and more concerned about Biden’s economy and pulling back on their spending.
Are you surprised?
Yeah…didn’t think so.
With Biden at the wheel and his “Build Back Better” plan becoming more of a lame duck by the day, Americans are finally losing faith in the man that hasn’t done very much substantial in his 50 years in office.
The Conference Board said that its consumer confidence index fell to a reading of 109.3 in September from 115.2 in August, and while that may not sound like a huge loss, in terms of American spending, it’s enormous.
Economists had expected confidence to RISE one point from the initially reported July level to 114.8. The previous month’s confidence level, reported at 113.8, was revised up to 115.2 – but that wasn’t the case.
Lynn Franco, Senior Director of Economic Indicators at the Conference Board, said, “Concerns about the state of the economy and short-term growth prospects deepened, while spending intentions for homes, autos, and major appliances all retreated again.”
Consumer views for both the present situation and future expectations aren’t really too jazzy either.
Present And Future Woes
Of those consumers polled, the number of people who feel that business conditions are good fell nine-tenths of a point to 19.3%.
The share saying things are bad rose to 25.4%, and those saying they expect improvement in business conditions six months from now fell two points to 21.5%.
So, for many consumers, things look bleak both now and in the future.
But Franco tried to paint a different picture of the situation: “Short-term inflation concerns eased somewhat, but remain elevated. Consumer confidence is still high by historical levels… enough to support further growth in the near-term – but the Index has now fallen 19.6 points from the recent peak of 128.9 reached in June. These back-to-back declines suggest consumers have grown more cautious and are likely to curtail spending going forward.”
Boy, have we…
And if you think Conservatives and Trump supporters aren’t going to use this come the 2022 midterms and the 2024 presidential race, then you haven’t been paying attention. This might be the single biggest talking point for the Right…and the Left can’t refute it.
This is a bad development in an already terrible year for Sleepy Joe.
I’m praying it doesn’t get worse though because what he screws up affects ALL of us.
But I don’t have too much faith in him NOT screwing up either.
“Americans reading the paper, listening to the news every single day, and all you hear is things are getting worse and worse. And that has a psychological effect on consumer confidence. That’s what consumer confidence is.” – Howard Schultz