Americans do not believe in the future of Joe Biden’s economy. Their expectations about the future are worse now than at any time since March of 2013. Even at the heights of the Covid pandemic and riots of Summer 2020, Americans felt better about their prospects. But after a year and a half of Joe Biden in the White House, they’re terrified. The Wall Street Journal’s Rina Torchinsky reports:
Consumers’ short-term outlook for the U.S. economy dropped sharply to its lowest point in nearly a decade on concerns about inflation, the Conference Board’s consumer-confidence survey showed.
The consumer-confidence index, which hints at American attitudes toward jobs and the economy, also fell, dropping to 98.7 in June, down 4.5 points from 103.2 in May, the Conference Board said on Tuesday. The board’s expectations index, which measures consumers’ short-term outlook about the labor market, business and income, reached a low of 66.4 in June from 73.7 the prior month. That was its lowest reading since March 2013.
“Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices,” said Lynn Franco, senior director at the Conference Board. “Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by year-end.”
The survey adds to evidence that inflation is weighing on households. A separate survey of consumer sentiment, which polls consumer attitudes on personal finance, this month dropped to its lowest point on record, according to the latest report from the University of Michigan.
Consumer confidence in the economy this low is a bad omen for Democrats in November elections. They’re likely to get wiped out if confidence remains this poor by election day.
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