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It’s really all your fault.
As concerns around inflation soar, American consumers’ outlook on the trajectory of the U.S. economy has deteriorated, worrying some experts that negative attitudes could dampen expenditure and put a dent in economic growth.
The University of Michigan’s closely-watched consumer sentiment index fell to 61.7 in early February, hitting the lowest level since October 2011. January saw a reading of 67.2.
Recent declines in the measure have been driven by weakening personal financial prospects amid rising inflation, less confidence in the government’s economic policies, and the least favorable long-term economic outlook in a decade, the University of Michigan said in its latest report Friday.
Gotta love these numbers.
I’m sure sentiment was lower in 2011 and the outlook was worse a decade ago.
Actually, I’m not sure of that.
It’s an obvious lie.
The reading follows fresh CPI data out Thursday that showed U.S. inflation accelerated last month in the fastest rise since 1982, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions.
1982 is also a lie.
Completely different measurements.
“Incredibly, the consumer is polling negatively on almost everything when it comes to the economy, and if their confidence doesn’t improve, the economy could be headed towards the cliff of recession,” FWDBONDS chief economist Christopher S. Rupkey said in a note. “We almost have to recheck our figures because the consumer is clearly in a deep funk and if they decide to call it quits then the economic growth we have seen is going to fade fast.”
Notably, the February decline was spurred by a decline in households with incomes of $100,000 or more. Among this cohort, their Sentiment Index fell by 16.1% from last month, and 27.5% from last year, the report said, also indicating the Sentiment Index reflects the onset of a sustained downturn in consumer spending.
Typically, increasing consumer sentiment is predictive of increased consumer spending, while if consumers become less certain about their financial prospects, they could be likely to spend less money.
“A downbeat consumer in retreat risks sending the economy over the cliff if they don’t start spending more at the shops and malls,” Rupkey also wrote.
Wait, malls still exist?
Is this report itself from 2011?
Just to be clear, no one ever could have predicted anything like this.
I mean, obviously I predicted it, but that is irrelevant, because I am metaphysically evil because I hate the color of the skin.
No moral and good person could have predicted that the virus restrictions would lead to massive inflation and a situation where we’re now openly talking about the collapse of the US dollar.
Anyway, it’s your fault, because you don’t have enough faith.
