Widening Wealth Gap and Employment Concerns Drive Consumer Confidence to Record Lows
- US consumer confidence fell to near-record lows in November (index 51), driven by inflation fears and worsening personal finances, per University of Michigan data. - Wealth disparities deepened as affluent consumers maintained spending power while non-stockholders faced deteriorating financial conditions. - Job insecurity spiked to 2020 levels, with rising unemployment claims and pessimism about re-employment prospects exacerbating economic anxiety. - Market volatility reflected broader uncertainty, exem
In November, US consumer sentiment dropped sharply, reaching a near-record low of 51, down from 53.6 in October,
The survey further revealed a significant gap between higher-income households and those earning less. While wealthier Americans seem able to keep spending, people without stock investments are experiencing worsening financial situations, highlighting vulnerabilities that broader economic data may overlook
Elsewhere, economic uncertainty has affected unrelated industries. Mawson Infrastructure Group Inc. (NASDAQ:MIGI)
The University of Michigan’s analysis also found that consumers became slightly more negative about short-term economic prospects, even after the end of the longest government shutdown in US history. Conditions for making large purchases hit all-time lows, signaling that households remain cautious about spending. These patterns indicate that, despite some relief from inflation, concerns about the cost of living and job security continue to undermine consumer confidence.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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