Connect with us

Headlines

Consumer Confidence Hits 10-Year Low

One in four consumers are reducing their living standards amid inflation fears.

mm

Published

on

Consumer sentiment hit a 10-year low in November as inflation climbed to its highest level since the 1990s, CNBC reports.

The article cites the University of Michigan Consumer Sentiment Index, which plunged to 66.8 for November, a 6.8 percent drop from the previous month. It’s the lowest the confidence metric has gone since November of 2011.

The survey also showed one in four consumers are reducing their living standards due to price increases. The inflation rate for October was 6.2 percent. The 12-month inflation forecast is now 4.9 percent.

“Consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation,” said Richard Curtin, the survey’s chief economist.

Amid sinking consumer confidence, President Joe Biden’s popularity has reached a new low, slumping faster than any other U.S. president since World War II. Both Biden and Federal Reserve Chairman Jerome Powell said they expect inflation to ease later next year.

Read more at CNBC.

Advertisement

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Advertisement

SPONSORED VIDEO

Maximize Every Sale with Wilkerson

When it’s time to run a sale, whether it’s a retirement, going-out-of-business, anniversary or “we’ve got too much merchandise” sale, let Wilkerson handle the details. The Diamond Galleria did just that when they selected Wilkerson to run its liquidation sale. According to Sharon, their CPA, it was the right choice. “We could have done a going-out-of-business sale ourselves and done 30 to 40 percent of what we actually sold with Wilkerson involved,” she says. Seeing the strategies that Wilkerson puts in place for every sale was something that convinced her they had made the right move. “I would highly recommend Wilkerson to anyone considering this type of sale.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular