Americans feel worse about the economy today than they did when everything was shutting down and 22 million people were losing their jobs
A truly remarkable number of good economic indicators are going higher and higher, such as job openings, new hires, wage gains, output, and corporate earnings. At the same time, some less desirable ones are climbing too, like employee quits, supply chain delays, and inflation.
Not only is it the lowest point for this year, it's the lowest point of the entire pandemic when it plunged from 101.0 in February to 71.8 in April 2020. "Consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation," Surveys of Consumers chief economist Richard Curtin wrote.to chip away at their income gains in the coming year, he added.
For one thing, it's entirely likely that respondents to the UM survey in April 2020 and subsequent months didn't fully comprehend the magnitude of the catastrophic dimensions of the emergency that was unfolding in real time, and thus rated their outlook higher than it might otherwise have been., showed a massive disconnect between official measurements of the economy and real people's experiences of it.
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