You might find this post at TIPP Insights on the latest IBD/TIPP poll of economic confidence:
The IBD/TIPP Economic Optimism Index, a leading measure of consumer confidence, declined 1.7 points or 3.6%, from 48.5 in September to 46.8 in October. The current drop follows a steep 5.1-point decline in September.
After eight consecutive months in the positive territory, the index entered the negative territory in September.
Confidence in October is 21.7% below its pre-pandemic level of 59.8 in February 2020.
Of the 21 demographic groups surveyed only 8 were optimistic. I was unable to uncover the breakdowns by group.
I suspect that the reason for the lack of optimism is largely inflation.
Or due to the near stall speed of the economy — GDP nowcast now has Q3 growth at 1.3%.
https://www.atlantafed.org/cqer/research/gdpnow
When the quarter started, it was around 6%. I was shocked when it went to 3%, but at 1% there are no words at the sudden deceleration.
I’m sure the slowdown is transitory.
You presume inflation. I think someone ought to ask. I think it much more likely CO is correct. Not being able to work because your job cant find the raw materials or products to sell hits people harder. By now everyone has seen those picture of containers and container ships piled up waiting for trucks and rail cars to come take stuff away.
Steve
“Not being able to work….”
Thanks for the belly laugh. I knew I shouldn’t have bought those glasses that had help wanted printed on the lenses…….
Inflation erodes purchasing power. Fast. The left professes to worry about stagnant wages……………….and then two years of wage growth is wiped out in six months of inflation. People worry about this. An awful lot. Final sales are no doubt retarded by availability of goods, but its mostly inflation.
Thanks for the covid hysteria, people. Is the 14 day bend the curve exercise over yet?
Might be time for Biden to don a warm sweater and give us a “crisis of confidence “ lecture.