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Gregory Daco reports that U.S. consumer confidence declined across all age groups, income levels, and political affiliations, reaching its lowest point since 2014.
Daco points to mounting pessimism over inflation, the economy, and the labor market as key factors behind the decline. According to the Conference Board's September data, confidence fell by 6.7 points, the present situation index dropped by 7.9 points, and expectations decreased by 5.9 points.
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Earlier this year, Gregory Daco examined the challenges facing the Fed and Treasury, including issues with inflation, debt, and institutional credibility. He also discussed global economic trends on Radio Davos while reviewing the World Economic Forum Chief Economists Outlook. These previous assessments provide context for the concerns highlighted in the latest consumer confidence data.