Monday, November 15, 2021

Consumer Confidence Craters

Paul Mirengoff of Power Line reports the findings of the latest U. of Michigan consumer confidence index poll. You won’t be surprised to learn confidence is down.

As measured by this 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.

The following observations he quotes from the UM survey.

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.

What is the political impact of these findings? Paraphrasing the Ghostbusters theme

There's something weird
And it don't look good
Who you gonna blame?