Consumer sentiment sinks to height of COVID-19 levels
First Trust Advisors chief economist Brian Wesbury on supply and demand issues brought on by new lockdowns around the world, as well as government spending bills.
U.S. consumers have done an about-face and are as worried about the pandemic as they were over a year ago, during the dark days of lockdowns and COVID-19 daily briefings.
The University of Michigan Consumer Sentiment for August, which is considered one of the most current economic assessments, saw the largest drop in over a year in what was described by the surveyors as a “stunning loss of confidence” and has only been as negative two other times in history.
The reading dropped 13.5% from July to a level that was just below the April 2020-low of 71.8 when COVID-19 lockdowns and headlines dominated everyday life. The other time when things were as bad was during the 2008 Great Recession.
FOOD INFLATION LIKE NOTHING
