Bidenomics: Consumer Confidence Continues 3-month Collapse
by R. Mitchell –
The recovery that President Joe Biden says has been happening, isn’t happening for families, according to economic data.
The U.S. Consumer Confidence Index missed already pessimistic expectations in September – the third consecutive month the economic measure has fallen.
Last month’s number fell to 109.3 from 115.2 in August while economists had expected the index to land at 114.9.
“Concerns about the state of the economy and short-term growth prospects deepened, while spending intentions for homes, autos, and major appliances all retreated again,” said Lynn Franco, senior director of economic indicators at the Conference Board. “These back-to-back declines suggest consumers have grown more cautious and are likely to curtail spending going forward.”
The expectations index – a key indicator of income, business, and labor market expectations fell more than 6 points to 86.6 as Americans worry about the future.
Inflation has outpaced income growth this year, leaving many to feel as though their incomes are shrinking. Due to progressive policy-making, propane and natural gas prices are set to sore as stocks of heating fuels are at dangerously low levels.
“The U.S. Energy Information Administration (EIA) has reported the crude supplies are 8% below the five-year average, and the country needs to restock crude supplies if we have a chance to meet the demand that will be rising in the winter,” according to a Fox Business report. “Distillate inventories that include things like heating oil are 14% below the five-year average. That is a huge deal. Because of the shortages of natural gas and propane around the globe, countries will look more to oil and distillate fuels to keep factories running and the heat on. Propane inventories are at a dangerously low level of 21% below the five-year average.”
“This is almost unheard of for supplies of propane to be this low at this time of year, and this is a real danger, especially to rural America, which depends on propane,” the report added.
These shortages will hurt families just as the Christmas retail season kicks-off meaning less money for gifts that are expected to be more expensive and in short supply.
China has an electrical power problem. This has slowed the economy and caused blackouts and brownouts across most of the country. The electric shortage has put a crimp in exports, the mainstay of the Chinese economy. Shortages of raw materials are biting as well, but factories that make consumer goods for export are suffering.
Consumers are already feeling uneasy about the economic situation and between the U.S. and international leaders’ poor policies, things aren’t looking to get better any time soon.
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