News

Jinse Finance reported that due to the government shutdown dragging down economic prospects and high prices worsening personal financial expectations, U.S. consumer confidence has fallen to its lowest level in more than three years. Preliminary data from the University of Michigan shows that the consumer confidence index for November dropped from 53.6 last month to 50.3, the lowest since June 2022. The current conditions index plunged 6.3 points to a record low of 52.3, indicating growing public concern about the impact of the government shutdown. The report pointed out that this overall decline in confidence is quite widespread across different age, income, and political groups. Although spontaneous mentions of "high prices" have increased for the fifth consecutive month, long-term inflation expectations have eased. Consumers expect prices to rise at an average annual rate of 3.6% over the next five to ten years, a three-month low. However, their price expectations for the coming year have risen slightly. Survey director Joanne Hsu stated in a release: "Consumers are feeling personal financial pressures from multiple sources. They also expect the labor market to continue weakening in the future and anticipate being affected themselves." Concerns about unemployment surged this month, with 71% of respondents expecting the unemployment rate to rise in the next year, more than double the proportion from the same period last year.