EVERYTHING IS GOING SWIMMINGLY: Consumer Spending Update: Economic Confidence Hits New Low in October. The lowest since the depths of the pandemic.

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Economic confidence fell to 96.6 in this month’s Rasmussen Reports Economic Index, down more than seven points from September, the fifth consecutive monthly decline. This is the lowest index level since May 2020.

Enthusiasm about the economy surged under former President Donald Trump, reaching as high as 147.8 in January 2020 before tumbling after the coronavirus lockdown threw Americans out of work and closed many businesses. By November, it had recovered to 126.4, but dropped sharply in the three months after President Joe Biden was elected. The index fell to 97.8 in February before beginning a three-month rebound that took the index to 123.7 in May, but has declined again the past five months.

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The survey of 1,500 American Adults was conducted October 1-3, 2021 by Rasmussen Reports. The margin of sampling error is +/- 2.5 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

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www.rasmussenreports.com/public_content/business/consumer_spending_update/consumer_spending_update_economic_confidence_hits_new_low_in_october

A friend comments: “Combine that with the latest jobs report, and it’s Jimmy Carter 2.0.” Oh, I think it’s worse than that.

 

h/t Glenn

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