The University of Michigan’s index of consumer sentiment rose in early December to its best reading since April, boosted by more positive views among Republicans and independentsThe index climbed 3.1 percent to 74, the fifth straight monthly improvement. The index of current conditions soared by 22.6 percent, boosted by a surge on consumers taking a more positive view of, offsetting a small decline in the expectations index rooted in the views of Democrats that Trump will be bad for the economy.
Joane Hsu, the director of the University of Michigan consumer surveys, said that the surge in buying conditions was not a sign of economic strength. Rather, she said it’s “primarily due to a perception that purchasing durables now would enable buyers to avoid future price increases.” Not unrelated,from 2.6 percent in November to 2.9 percent in December, the highest reading in six months.
Fortunately, the view that tariffs will trigger higher inflation is largely confined to Democrats. Republicans in the survey said they expect Trump will “usher in an immense slowdown in inflation,” according to Hsu. As a result,that prices will not be rising and purchases can be delayed without much risk might offset the inflationary pressure created by the Democrat fear and loathing of Trump trade policies.The view of current conditions improved across the board.
Expectations improved, however, among both independents and Republicans. Among independents, the expectations index is the highest it has been since March. Among Republicans, it is now the highest it has been since March of 2020. That kind of optimism could proveWhen looking at these divergent reactions to the election, it is important to keep in mind that. Democrats are not just saying they think the economy will stink because they’re upset about Trump winning.
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