This isn’t good.
Things keep getting worse for President Joe Biden. It is now being reported that consumer confidence has tanked to its lowest level since February.
According to Breitbart, The Conference Board reported that consumer confidence shot down to 113.8 for August while it was at 125.1 in July. This came as a big surprise to many economists because they predicted it would be somewhere closer to 123 under Biden’s leadership.
Americans just don’t feel safe spending in the current climate Biden has created.
Senior Director of Economic Indicators at the Conference Board Lynn Franco said, “Concerns about the Delta variant–and, to a lesser degree rising gas and food prices–resulted in a less favorable view of current economic conditions and short-term growth prospects.”
“While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead,” Franco added.
August consumer confidence down sharply to 113.8 vs. 123 est. & 125.1 in July (rev down from 129.1); present situation fell to 147.3 vs. 157.2 prior (rev down from 160.3); expectations fell to 91.4 vs. 103.8 prior (rev down from 108.4, largest monthly drop since November 2020) pic.twitter.com/aMBci3N8N3
— Liz Ann Sonders (@LizAnnSonders) August 31, 2021