{"id":1528299,"date":"2022-06-24T18:19:29","date_gmt":"2022-06-24T22:19:29","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1528299"},"modified":"2022-06-24T18:19:36","modified_gmt":"2022-06-24T22:19:36","slug":"consumer-sentiment-plummets-to-lowest-level-since-1950s","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/consumer-sentiment-plummets-to-lowest-level-since-1950s\/","title":{"rendered":"Consumer Sentiment Plummets To Lowest Level Since 1950s"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fconsumer-sentiment-plummets-to-lowest-level-since-1950s%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1528299&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Americans\u2019 sentiment about the <a href=\"http:\/\/dailywire.com\/topic\/economy\">economy<\/a> is more pessimistic than at any time in the past seven decades, according to the University of Michigan\u2019s most recent Survey of Consumers.<\/p>\n<p>The index reading of 50 in June reflects a severe drop since May and the lowest level since 1952, according to <a href=\"https:\/\/www.wsj.com\/articles\/consumer-sentiment-at-record-low-is-another-ominous-sign-for-economy-11656093116\">The Wall Street Journal<\/a>, and is a key indicator of a looming <a href=\"http:\/\/dailywire.com\/topic\/recession\">recession<\/a>.<\/p>\n<p>\u201cConsumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines,\u201d Survey of Consumers Director Joanna Hsu said in a statement, per <a href=\"https:\/\/www.cnn.com\/2022\/06\/24\/economy\/consumer-sentiment-final-read-june\/index.html\">CNN<\/a>. \u201cAbout 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009.\u201d<\/p>\n<p>The influential survey has seen a <a href=\"https:\/\/fred.stlouisfed.org\/series\/UMCSENT\">significant decline<\/a> beginning in the spring of 2021, when inflation started to <a href=\"https:\/\/fred.stlouisfed.org\/series\/CPIAUCSL#0\">rise<\/a> beyond the roughly 2% level seen over the last few decades. As of May, the Consumer Price Index (CPI) has <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">risen<\/a> 8.6% year-over-year \u2014 the highest <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflation<\/a> rate witnessed since the 1980s.<\/p>\n<p>\u201cAs higher prices become harder to avoid, consumers may feel they have no choice but to adjust their spending patterns, whether through substitution of goods or foregoing purchases altogether,\u201d Hsu added. \u201cThe speed and intensity at which these adjustments occur will be critical for the trajectory of the economy.\u201d<\/p>\n<p>To contend with skyrocketing inflation, the <a href=\"http:\/\/dailywire.com\/topic\/federal-reserve\">Federal Reserve<\/a> increased <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-takes-most-aggressive-action-to-fight-inflation-in-three-decades\">interest rates<\/a> earlier this month by 0.75% \u2014 the largest rate hike increment since 1994. The central bank already <a href=\"https:\/\/www.dailywire.com\/news\/the-fed-jacks-key-rate-up-half-point-as-inflation-surges\">hiked rates<\/a> by 0.5% in May \u2014 the largest such increase since 2000 \u2014 after a 0.25% rate hike from near-zero levels in March. Interest rates are now at 1.5% to 1.75%, with <a href=\"https:\/\/www.dailywire.com\/news\/expect-higher-unemployment-as-federal-reserve-tackles-inflation-warns-top-policymaker\">more increases likely<\/a> on the way.<\/p>\n<p>Fears of a recession have gripped American consumers and businesses. Last week, a bout of <a href=\"https:\/\/www.dailywire.com\/news\/wall-street-sees-worst-carnage-since-2020\">stock market selloffs<\/a> caused the Dow Jones Industrial Average and the Nasdaq Composite to fall 4.8%, while the S&#038;P 500 was down 5.8% \u2014 marking its worst week since 2020, according to <a href=\"https:\/\/www.cnbc.com\/2022\/06\/16\/stock-market-news-futures-open-to-close.html\">CNBC<\/a>.<\/p>\n<p>President Joe Biden, however, said in a recent interview that a recession is by no means \u201cinevitable\u201d and told Americans to <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-recession-not-inevitable-tells-americans-they-shouldnt-believe-economist-warnings\">wait before concluding<\/a> that economists\u2019 forecasts are true.<\/p>\n<p>\u201cThey shouldn\u2019t believe a warning. They should just say: \u2018Let\u2019s see. Let\u2019s see which is correct.\u2019 And from my perspective, you talked about a recession. First of all, it\u2019s not inevitable,\u201d Biden told Associated Press reporter Josh Boak before pointing to a survey taken last year to allege that households have robust savings.<\/p>\n<p>Meanwhile, Biden has deflected on the issue of rising price levels, <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-inflation-is-worse-everywhere-but-here-thats-not-even-close-to-true\">claiming<\/a> that \u201cPutin\u2019s Price Hike\u201d \u2014 a reference to the Russian invasion of Ukraine and its role in soaring <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">global energy costs<\/a> \u2014 is the primary pressure behind inflation.<\/p>\n<p>\u201cHigh gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,\u201d Biden said. \u201cEven as we continue our work to defend freedom in Ukraine, we must do more \u2014 and quickly \u2014 to get prices down here in the United States.\u201d<\/p>\n<p>When questioned by a recent Harvard <a href=\"https:\/\/www.dailywire.com\/news\/poll-95-of-voters-say-inflation-is-somewhat-or-very-serious\">survey<\/a> about rising price levels, 95% of respondents said that inflation is \u201cvery serious\u201d or \u201csomewhat serious.\u201d A plurality \u2014 47% \u2014 said that the Biden administration is responsible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Americans\u2019 sentiment about the economy is more pessimistic than at any time in the past seven decades, according to the University of Michigan\u2019s most recent Survey of Consumers. The index reading of 50 in June reflects a severe drop since May and the lowest level since 1952, according to The Wall Street Journal, and is &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1528362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1528299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1528299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1528299"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1528299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1528362"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1528299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1528299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1528299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}