The consumer confidence index slumped to 102.5 from a revised 107.8 in September, according to data released Tuesday by the Conference Board. Economists were expecting a reading of 106.5, per estimates from Refinitiv. A reading above 100 signals consumers have an optimistic attitude toward the economy. In February 2020, the consumer confidence index was 132.6.
“There’s a real sense that people could delay purchases, but at the same time, there are going to be some purchases that just cannot be delayed,” said Jason Reed, a finance professor at the University of Notre Dame. “If you think of your wallet share like a pie chart, people are just going to continue to shuffle around what they’re spending on.
Recession is coming! That’s being guaranteed by central banks whose operating officers have nothing to lose…..as it’s working and low income people who’ll suffer the most dire consequences!
BUILD BACK BETTER IS WORKING GREAT!!!! FJB!