The United States is about to hold a presidential election at the end of 2024. The American people’s views on the economy have proven to be a major challenge for the Biden administration’s re-election campaign. (Reuters)
Gao Jiajing/Copy Editor
[Financial Channel/Comprehensive Report]The Conference Board said that the consumer confidence index fell to 106.7 in February, lower than the revised 110.9 in January. Economist Dana Peterson said that consumer confidence fell in February, interrupting a three-month upward trend and reflecting the ongoing uncertainty in the U.S. economy.
The index measuring short-term expectations for income, business and the job market also fell to 79.8 from 81.5 in January; generally speaking, a number below 80 indicates that a recession is coming. “CNBC” pointed out that although Americans are less worried about food and gas prices, concerns about jobs and the upcoming presidential election are increasing. “The American public’s attitude toward the economy has deteriorated.”
Food and gas prices have fallen in recent months. But the American people are more concerned about labor market conditions and the U.S. political environment. In this regard, Peterson said that the decline in consumer confidence has broadly affected most income groups, as well as those under the age of 35 and those over the age of 55.
The survey results show that despite the strength of the U.S. labor market and the surprising economic resilience, the U.S. will hold a presidential election at the end of this year, and the American people’s view of the domestic economy is proving to be a challenge. Polls show widespread dissatisfaction with the economy and U.S. President Joe Biden’s management.
The Economist reported in January that the U.S. economy was performing strongly, but the American people were pessimistic, mainly due to three factors: inflation, partisanship, and the COVID-19 epidemic.
Among them, due to the erosion of wages due to inflation, and the sharp interest rate hikes taken by the U.S. government to curb inflation, mortgages and car loans have become more expensive, and residential affordability has also fallen to the lowest point in decades in 2023. All have greatly increased the cost of living pressure on Americans and made the American people feel depressed.
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2024-02-28 02:41:55
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