US consumer sentiment worsened in May

[BumRushDaShow]

Source: msn/WSJ

33m


Consumer confidence edged downward in May as the inflationary effects of the war in the Middle East intensified, a monthly survey from The Conference Board said.

The research group said Tuesday its consumer confidence index fell to 93.1 in May from an upwardly revised 93.8 in April. Economists polled by The Wall Street Journal had expected a reading of 92.0. Among age groups, confidence ticked up for consumers aged 35-54, but trended downward for older and younger consumers.

Consumers’ assessment of business and labor-market conditions retreated by 3.2 points to 121.2 in May. The expectations index, based on short-term outlook for income, business, and labor market conditions rose by one point to 74.4.

The Conference Board said perceptions of employment conditions declined slightly, with the labor market differential – the share of consumers saying jobs are “plentiful” minus the share saying jobs are “hard to get” – ticking down by 0.6 percentage points to 6.9. Economists watch this labor-market differential to gauge how tight labor conditions are for households.

Read more: https://www.msn.com/en-us/money/markets/us-consumer-sentiment-worsened-in-may/ar-AA246FS2

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(as a note - the Consumer "Sentiment" is a different calculated report but the WSJ used that term in their headline, where the Consumer Sentiment was reported last week - https://www.democraticunderground.com/10143668631)

Link to The Conference Board - PRESS RELEASE - US Consumer Confidence Edged Downward in May (dynamic link)

[Hugin]

1. The affiliate chart is interesting.

The Republican line basically flattens with a tiny decline at the Iran attack.

The Independents woke up when the gasoline shock hit.

[SergeStorms]

5. The vast majority of repubLICKans....

think everything is hunky-dory, though.
My guess is they're sweating blood, but are too stupid and stubborn to admit their mistakes.

[Wednesdays]

2. Hang on to your hat. You ain't seen nothin' yet.

We're going to be in a full-blown recession by this time next year. Similar to 2008.

[SergeStorms]

6. Not just us, though.

The world economy is teetering on a razors edge as well.

Agent Orange had better start giving a shit, or he could bring the entire stinking mess down around him.

[Bluetus]

3. Thanks for this compilation

I caution against people on the left drinking our own bathwater. While there is nervousness in the economy,, these Conference Board sources don't indicate an expectation of meltdown. Indeed, I think the public remains far too placid in light of the wreckage that is ACTUALLY going on.

The deficits that Trump is running practically guarantee very high structural inflation for years to come unless we can do a Mamdani-type change.

The Conference board is an extremely pro-business source. Here are some other data points:
https://tradingeconomics.com/united-states/consumer-confidence

The UofM Consumer Confidence index is very well respected. It ran in the 60s through most of Biden's term and is now 44, which is where it was at the depth of COVID.

https://news.gallup.com/poll/1669/general-mood-country.aspx
The Gallup right/wrong direction poll is extremely important, IMHO because it explains MAGA and puts the rest of the data sources into an important perspective. When the number is over 50, that means the majority think we are on the "right track", whatever that means to them.

The last time the country thought we were on the "right track" was around 2002 when we were responding to the 9-11 attack. There has not been a single day in the past 20 years when the majority of Americans thought we were on the "right track", and today only 20% think we are on the right track. That would be the richest billionaires and the stupidest MAGA people. The other 80% know we are in trouble. Of course, some of that 80% think we are off track with borders, some think we are off track with abortions, but most, IMHO, have come to accept that our system is rigged against the working people.

This is why MAGA is a thing, and also why Mamdani is a thing. And it is why Trump continues to weild power. While the numbers under Trump are the worst in history, he is able to convince enough people that "Biden did it" or ""gas prices are coming down", or "new health care plan in 2 weeks".

In other words, there is a HUUUUUUGE gap between the Gallup results and the Conference Board results. And that gap means most Americans know we are screwed and they have just decided to accept that. And they are not interested any any politician who wants to tamper a little around the margins. The only way to break out of this cycle is with a truly revolutionary message and leader. Mamdani has done exactly that. Platner is laying out the right message in his state. If a national candidate will emulate those two, (and we can keep the DNC corporatists from sinking the ship), we can win with a real populist agenda.

And understand, Trump has been the populist of our generation. He is likely to be succeeded by another RW person trying to tap the populist sentiment. We must meet that head on with "Populism for the average American" versus "Populism for the billionaires and tech bros." This is all just another variation of Reagan's trickle down. It is all prosperity theology. In one variation, the prosperity goes to the top and is supposed to trickle down. In the other variation, the prosperity goes straight to the people who are doing the hard work.

[SergeStorms]

4. The Big Orange Fascist Pig....

"doesn't think about Americans' financial situation."

He really doesn't care, do U?