BETA
This is a BETA experience. You may opt-out by clicking here

Breaking

Edit Story
Breaking|

Consumer Confidence Falls To A Decade Low — And Inflation And Politics Are Likely To Blame

Lisa Kim
Updated Nov 12, 2021, 12:35pm EST

Topline

The University of Michigan’s consumer sentiment index, which measures how American consumers view prospects for their finances and the general economy, fell to 66.8, the lowest in 10 years, from 71.7 last month—a drop that a chief economist for the index said Friday was caused by increasing prices of goods and services and a lack of policies that consumers believe could address the skyrocketing inflation.

Key Facts

Economists surveyed by Bloomberg had expected the index to rise to 72.5 in November.

One in four consumers said inflation led to a reduced standard of living as the price of beef and fuel oil surged 20.1% and 59.3%, respectively, in October over the past year, according to a statement released with the report.

The reduced living standard had the greatest impact on lower-income Americans and older consumers, Richard Curtin, chief economist who worked on the survey, said in the statement.

Half of American families anticipated bringing home smaller incomes after adjusting for inflation next year, Curtin said.

Curtin added the decade-low consumer sentiment was due to “an escalating inflation rate” and a growing belief among consumers that “no effective” policies have been put in place to reverse the trend. 

The preliminary index comes as consumer prices rose 6.2% in October compared to the same month last year, marking the fastest annual pace in 30 years, according to the Bureau of Labor Statistics.

Crucial Quote

“Partisans aligned with the President's party have adopted very positive moods, and those in the opposing camp very negative moods,” Curtin said. He added, the division along party lines encourages lawmakers to prioritize achieving their policies over providing effective measures to address high inflation.

Key Background

In October, the price of meat, poultry, fish and eggs rose 11.9% over the past year — the fastest annual increase since December 1990, the Bureau of Labor Statistics said. Beef prices surged 20.1% and pork up 14.1%, while the energy index spiked 30% and the price of used cars and trucks climbed 26.4%. In response to the CPI data, President Joe Biden said in a statement Wednesday that reversing the trend was a “top priority” for him.

Further Reading

U.S. Posts Near-Record 10.4 Million Job Openings—But Here’s Why More Americans Aren't Looking For Work (Forbes)

Meat, Used Cars And Peanut Butter: Here’s What Costs More Because Of The Inflation Surge (Forbes)

Follow me on TwitterSend me a secure tip
国色天香社区视频在线观看-草蜢视频在线观看www 天狼影院手机版在线观看
中美元首是否达成新共识?中方回应 苏宁易购回应破产传闻 国足最新出线概率0.08% 胡锡进谈中美元首会晤 中美元首会谈重点内容 胡锡进谈中美元首会晤 中美元首是否达成新共识?中方回应 沙丘 男子写80页PPT拯救爱情却离婚 沙丘 国足最新出线概率0.08% 浦发银行回应近3亿存款莫名被质押 安娜贝尔 印度首都准备封城 沙丘 中美元首会谈重点内容 我和我的祖国 峰爆 怒火·重案 #耿直真香哥黑化卖惨# 意大利错失直接晋级世界杯资格 北京冬奥火炬宣传片获金花环奖 星际穿越 中美元首是否达成新共识?中方回应 十九届六中全会公报发布 动物世界 大连现超级传播者26人在同一传播链 大连现超级传播者26人在同一传播链 周冠宇成为中国首位F1车手 甄嬛传 浦发银行回应近3亿存款莫名被质押 国际人士热议中共十九届六中全会 得知母亲出事男子在地铁痛哭 俄方回应卫星碎片危及国际空间站 男子写80页PPT拯救爱情却离婚 动保组织向上饶信州区申请信息公开 许家印为恒大注入超70亿续命资金 浦发银行回应近3亿存款莫名被质押 胡锡进谈中美元首会晤 200斤鳄鱼被吓后待水里溺死 苏宁易购回应破产传闻 动物世界 我和我的家乡 峰爆 胡锡进谈中美元首会晤 许家印为恒大注入超70亿续命资金 国足最新出线概率0.08% #耿直真香哥黑化卖惨# 中美元首会谈重点内容 周冠宇成为中国首位F1车手 北京冬奥火炬宣传片获金花环奖 浦发银行回应近3亿存款莫名被质押 加拿大一枝黄花到底是什么? 林丹世界排名被正式移除 胡锡进谈中美元首会晤 中美元首是否达成新共识?中方回应 中国共产党第三个历史决议全文发布 200斤鳄鱼被吓后待水里溺死 尚气与十环传奇 大连一密接者擅自点外卖聚餐被调查 许家印为恒大注入超70亿续命资金 动保组织向上饶信州区申请信息公开 国足战澳大利亚大名单:4归化在列 尚气与十环传奇 国足战澳大利亚大名单:4归化在列 速度与激情9 苏宁易购回应破产传闻 十九届六中全会公报发布 中美元首是否达成新共识?中方回应 意大利错失直接晋级世界杯资格 胡锡进谈中美元首会晤
电白县| 江川县| 阿图什市| 万全县| 肥城市| 温宿县| 托里县| 宝兴县| 泽库县| 东明县| 盖州市| 奉化市| 且末县| 申扎县| 吉木乃县| 华容县| 大冶市| 徐水县| 乌鲁木齐市| 五大连池市| 巴楚县| 葵青区| 会东县| 峨山|