American Consumer Sentiment Crashes Below COVID Crisis Lows, Inflation Fears ReboundZeroHedge News

American Consumer Sentiment Crashes Below COVID Crisis Lows, Inflation Fears Rebound

Following UMich’s sentiment slump in July, analysts expect a further (modest) slide in Americans’ confidence in preliminary August data this morning. They wewre wrong, very wrong!

Sentiment crashed in early August data according to UMich Sentiment survey with the headline plunging from 81.2 to 70.0 – that is weaker than the April 2020 COVID crisis lows…

Source: Bloomberg

Confidence collapsed for both Republicans and Democrats…

Source: Bloomberg

Even more ominously, while short-term inflation expectations eased very modestly, longer-term expectations rebounded back to multiyear highs…

Source: Bloomberg

Presumably this is due to the Biden administration’s scaremongering response to the Delta variant (which obviously is due to white supremacist anti-vaxxers not being vaccinated)… except it’s not…

“Consumers have correctly reasoned that the economy’s performance will be diminished over the next several months, but the extraordinary surge in negative economic assessments also reflects an emotional response, mainly from dashed hopes that the pandemic would soon end,” Richard Curtin, director of the survey, said in the report.

Tyler Durden
Fri, 08/13/2021 – 10:08Read More

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