Consumer confidence dipped in November, The Conference Board said Tuesday, citing “the resurgence of COVID-19” among other factors for Americans’ souring mood.
The headline index printed 96.1, below the 98 consensus expected, but still near the middle of the range (91.5 to 104).
“[The] assessment of present-day conditions held steady, though consumers noted a moderation in business conditions, suggesting growth has slowed in Q4,” the color that accompanies the release reads.
Both the present situation and expectations gauges declined, but only marginally. Perceptions of business conditions were more muted versus October, while opinions on the labor market were essentially unchanged.
Expectations deteriorated a bit. “Consumers have grown less optimistic about the short-term outlook,” The Conference Board said. “The percentage of consumers expecting business conditions will improve over the next six months decreased from 36.0% to 27.4%, while those expecting business conditions will worsen increased from 15.9% to 19.8%.”
Generally speaking, this is a bland report that skews negative for one obvious reason (visual below).
I’m not going to comment on that visual, other than to reiterate the obvious: The federal response to this public health crisis will go down in history as one of the most tragically embarrassing debacles the country has ever suffered.
The vaccine push is to be applauded, but everything that’s happened at the federal level in terms of containment and saving lives in the interim (i.e., between the onset of the crisis and vaccine rollout) is indicative of total incompetence.
On that note, I’ll just leave you with my favorite “chart crime”…
🙁
By most estimates, greater than 50% of Congressional members are already millionaires. If you add in the present value of their “pension for life”, probably the vast majority are millionaires.
I believe that Congress (as a whole, regardless of political party) does not want the stock market to crash; wants to keep their wealth (not remit to country upon death) to pass along as they choose; and does not want to be taxed into a “middle class” life.
Whatever Congress gives out during the next presidential term, I am betting that it will not harm the Congressional or the investor classes.
You imply what may be a healthy self-interest. Placating Trumpian base has put one party further to the
right /austerity than may have been. This election was no socialist mandate either.