plummeted to 61.7 from 67.2 in a preliminary February reading, according to a Friday report. That's the lowest print since October 2011 and down 15.1 points from levels seen one year ago. Expectations for the economy also cratered to the weakest level in a decade.
To be sure, they have plenty to be upset about. The stock market only partially recovered January losses in the first weeks of February and has traded with greater to its fastest pace since 1982. One-third of surveyed adults cited higher inflation and its effect on personal finances for their weak sentiments, Curtin said. Nearly half of all adults expect their inflation-adjusted earnings to drop in the next 12 months, he added.
Dwindling confidence in the government also knocked sentiments. Inadequate economic policy was mentioned by 51% of surveyed adults, according to the report, marking the largest share since 2014. Pessimism toward government policy has plagued sentiments since late 2021 when it became clear the Build Back Better plan lacked a path forward. With Sen. Joe Manchin and GOP senators, it's unlikely the Biden administration approves major economic policy in the near term.
How do they think that the under 100K crowd feels? Oh, they probably don't
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