31 October 2023
Consumer confidence plunges continuously, hitting a new low since May, as inflation fears and political instability rattle households across all ages and incomes. Rising grocery and gas prices, higher interest rates, and Middle East turmoil feed the gloom. Despite steady job availability, the overall outlook is bleak, with soaring inflation expectations and a persistent belief that a recession looms. Meanwhile, business conditions worsen, evidenced by Chicago PMI’s contraction—the longest since the early 2000s—underscoring the grim economic landscape under current policies.