The numbers: The University of Michigan’s gauge of consumer sentiment fell to a preliminary October reading of 71.4 from a final September reading of 72.8. Economists polled by the Wall Street Journal expected a reading of 73.
Household inflation expectations for the next 5 years fell slightly to 2.8%, above its pre-pandemic level of 2.3%. Expectations for 1-year inflation edged up 4.8% from 4.6% in September. What UMich said: “Consumer sentiment has remained for the past three months at the lows first recorded in response to last year’s shutdown of the economy,” wrote Richard Curtin, chief economist for University of Michigan’s Survey of Consumers. “The delta variant, supply chain shortages, and reduced labor force participation rates will continue to dim the pace of consumer spending into 2022.”
Jimmy Carter all over again. Leftists in charge of the economy never works. History repeats itself
Thanks Joe
Soon we will have bread lines in this country just like all socialist countries.
Apparently most people have no understanding of supply and demand and how it affects prices.
Let's go Brandon!
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