It was the best of times. It was the worst of times. This sums up two widely watched consumer surveys that depicted a public that is both optimistic and pessimistic about the state of the US economic landscape. The economy remains the top issue for voters heading into the November election. But what are they saying about current and future conditions? It is a mixed portrait.
What Did You Say About the Economy?
The Conference Board’s Consumer Confidence Index tanked in September following a solid upwardly revised number in August. It was the sharpest decline since August 2021, as all survey components, be it business conditions or incomes, deteriorated last month. Indeed, the jobs picture continues to be one of the top concerns for many people, says Dana M. Peterson, the chief economist at the Conference Board. The data showed that consumers have the labor market blues, frowning about shrinking hours, slower payroll gains, and fewer job openings.
It is understandable, too. Average workweek hours have been on a downward trend since April 2021. Employment revisions by the Bureau of Labor Statistics confirmed that the monthly job gains have been lower than initially reported. The number of vacancies has declined by more than one million over the last year.
“Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further,” Peterson stated. “Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income.” […]
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