A number of factors, such as greater inflation expectations, a poorer holiday shopping season and a huge increase on Obamacare premiums have contributed towards the massive drop in consumer confidence over the past year.
It doesn’t look good for Hillary and her team, as a recent survey came showing a large drop from even last month.
“Consumer confidence retreated in October, after back-to-back monthly gains,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat. However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace.”
Consumers’ outlook for the labor market was also less optimistic than in September. The proportion expecting more jobs in the months ahead decreased from 15.7 percent to 13.1 percent. However, those anticipating fewer jobs declined from 18.1 percent to 17.0 percent. The percentage of consumers expecting their incomes to increase was unchanged at 17.5 percent, while the proportion expecting a decline decreased from 10.4 percent to 9.8 percent. – Zerohedge
Consumer spending has followed this trend and dropped hugely, to a new five month low. This shows the stupidity of the wage increases that Obama is trying to implement.
Depending on what occurs come election day, we could be in for a rocky time of things.