You can feel election season heating up as the first debate between Joe Biden and Donald Trump in the 2024 election cycle will take place tomorrow. The NY Post reports that consumer confidence is being hit as Americans worry about the economy under Joe Biden. The paper reports:
US consumer confidence eased in June amid worries about the economic outlook, but households remained upbeat about the labor market and expected inflation to moderate over the next year.
The mixed survey from the Conference Board on Tuesday also showed consumers’ perceived likelihood of a recession over the next 12 months retreated this month after rising in April and May.
Though fewer consumers planned to buy vehicles and household appliances over the next six months, more planned to go on vacation. Labor-market resilience is driving consumer spending, underpinning the economy despite the Federal Reserve’s hefty interest-rate hikes in 2022 and 2023 to quell inflation.
Action Line: Since peaking just after he moved into the White House, Consumer Confidence has trended ever-lower while Joe Biden has been running the country. Take a look at my chart below to see the steady declining trend in American consumers’ moods. If you’re worried about what the future will bring, click here to subscribe to my free monthly Survive & Thrive letter.