America Faces No Greater Threat Than Joe Biden and the Democrat Party. Their Assault to Our Borders Is As Great As Their Assault to Free Speech and Free Elections
Friday, September 17, 2021
CONSUMER SENTIMENT PLUMMETS AS JOE BIDEN LEADS AN INVASION AGAINST AMERICAN JOBS FOR MORE 'CHEAP' LABOR
JOE BIDEN = NO LEGAL NEED APPLY!
Consumer Sentiment Stuck Near Decade Low While Inflation Fears Rise
Consumer sentiment remains mired in the depths it sunk to in August.
The University of Michigan’s index of consumer sentiment inched up to a reading of 71 from 70.3 at the end of August. Analysts had forecast a rise to 72.
“The steep August falloff in consumer sentiment ended in early September, but the small gain still meant that consumers expected the least favorable economic prospects in more than a decade,” said Richard Curtin, the survey’s chief economy.
The gauge of current conditions dropped in the first weeks of September, declining to 77.1 from 78.5. The outlook, however, brightened somewhat, with the expectations index lifting two points to 67.1.
Consumers are significantly less positive than they were a year ago, when the economy was still reeling from the pandemic and lockdowns. In September of 2020, the index stood at 80.4, 11.7 percent higher than today.
Curtin said two of the components of consumer sentiment declined: buying attitudes for household durables fell to a low reached only once before in 1980, and long term economic prospects fell to a decade low.
Curtin explained:
The decline in assessments of buying conditions for homes, vehicles, and household durables left all three near all-time record lows (see the chart), with the declines due to spontaneous references to high prices. Some observers anticipated that the early August plunge in confidence would quickly disappear since it was driven by emotions. Emotions have long been known to speed responses, the so-called fight or flight response, which was the adaptive function they performed in early August. Many other sources of economic data have since shifted in the same direction, and point toward slower growth in consumer expenditures and purchases of housing to the end of 2021.
Expectations for inflation over the next year also worsened, with expected prices rising 4.7 percent from 4.6 percent two weeks ago.
“Consumers have initially reacted by viewing the rise in inflation as transitory, believing that prices will stabilize or could even fall in the future. As a result, postponing purchases is seen as a viable strategy. This implies a slowdown of spending in the months ahead and a more robust rebound later in 2022,” Curtin said.
If consumers become convinced that inflation is here to stay or bound to rise even futher, however, that could change. But such changes in attitude take time to fully develop.
“The resulting rise in inflationary psychology will lessen resistance to rising prices and stiffen demands for increased wage gains,” Curtin said.
Lowest Approval of Presidency for Joe Biden: Reuters Poll
President Joe Biden’s approval continued to slide Friday as he received the lowest numbers from a Reuters/Ipsos poll amid growing criticism focused on his Chinese coronavirus pandemic response and botched Afghanistan withdrawal.
The poll, which was conducted nationally this week and collected responses from more Democrats than Republicans, revealed just 44 percent of adults in the United States approve of Biden’s performance in office.
The poll noted the president’s popularity has slowly been declining since mid-August when he botched the withdrawal from Afghanistan, resulting in the death of 13 U.S. servicemembers and the Afghan government collapsing.
U.S. President Joe Biden speaks during a conference call on climate change with the Major Economies Forum on Energy and Climate in the South Court Auditorium in the Eisenhower Executive Office Building on September 17, 2021 in Washington, DC. (Al Drago/Getty Images)
Biden’s response to the Chinese coronavirus pandemic also dropped below 50 percent for the first time in his presidency. Only about 48 percent approved Biden’s Chinese coronavirus-related policies, compared to the 46 percent who disapproved of the policies.
The Reuters/Ipsos poll was conducted online between September 15 and 16 through the United States.
There were 1,005 adults respondents who were weighted more towards the Democrat’s side, with 442 Democrats and 360 Republicans. The poll’s margin of error was four percentage points.
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