Yeah, OK, as consumers we’ve been undergoing some changes for the last few years, and with Covid-19 continuing in hot spots, a newer more weirder monkeypox coming online, war in Ukraine, Russian aggression all over the world, high prices for food, gas, high electric bills, housing market exploding and then contracting, is it any wonder dems are in disarray? I say disarray because it goes both ways, and has become sort of a “some people say” argument. You can be a dem or a repub, but both are routinely in disarray according to lazy media pundits who just use the term to show that some party is unable to govern.
Yes, the entire shit show in the world is causing pain, and guess what folks, we have a conference board set up to tell you exactly how you are feeling, and lately, those feelings are pretty damn bad. And we will continue to get paid to tell you the bad news is either going to get worse (so you’ll lose more confidence in the current administration of Joe Biden and start thinking about Trump or Desantis) or it will get better if only you’ll vote Republican (because according to conference boards, Republicans who rape and pillage the treasury are good for business and good for the economy, and by George it, they are good for your damn feelings)
Conference board be damned. Yes, it takes a conference board to tell you, Joe Average, how the hell you are feeling when you wake up. They got guys sitting in board rooms getting paid hundreds of thousands of dollars per year to tell you how you are feeling. Can you believe that shit? They sit around all day jerking each other off, and if it doesn’t feel good then by god you must be feeling bad I guess. The rank stupidity of America is astounding.
The numbers: The index of consumer confidence fell to 95.7 in July from a revised 98.4 in the prior month, the Conference Board said Tuesday.
The decline was larger than expected. Economists polled by The Wall Street Journal had forecast a decline to 97 from the initial June reading of 98.7.
Key details: The part of the survey that tracks how consumers feel about current economic conditions fell to 141.3 this month from 147.2 in June.
A gauge that assesses what Americans expect over the next six months ticked down to 65.3 from 65.8.
Big picture: Consumer confidence is heading lower amid rising inflation and continued talk of the elevated risks of recession. Consumers are feeling gloomy as inflation reduces their purchasing power.
Economists note that wealthy consumers are still spending, but the International Monetary Fund noted that total consumer spending is not nearly as robust as had been expected in April.
What the Conference Board said: “Looking ahead, inflation and additional rate hikes are likely to continue posing strong headwinds for consumer spending and economic growth over the next six months,” said Lynn Franco, senior director of economic indicators at the Conference Board.
What outside economists said: “Consumers’ increased pessimism is consistent with our view that consumer spending and the broader economy are downshifting to a much slower growth path amid high inflation, rapidly-rising interest rates, and financial market volatility. While we still see strong economic fundamentals preventing the US economy from slipping into recession this year, the pathway to a softish landing is narrowing,” said Kathy Bostjancic, chief U.S. economist at Oxford Economics.
Market reaction: U.S. stocks SPX, -1.15% DJIA, -0.71% opened lower Tuesday ahead of this week’s Federal Reserve policy meeting and downbeat news from Shopify SHOP, -14.06% and WalMart WMT, -7.60%.