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June 15, 2022

Consumer Sentiment Hits Absolute Rock-Bottom All-Time Historic Low as The Economy Enters a Recession

Karine Jean-Pierre just told us that Biden had given us an "historic" economy.*

US Consumer Sentiment Slumps to Record Low on Rapid Inflation

US consumer sentiment plunged in early June to the lowest on record as soaring inflation continued to batter household finances.

The University of Michigan's preliminary June sentiment index fell to 50.2, from 58.4 in May, data released Friday showed. The figure was weaker than all estimates in a Bloomberg survey of economists which had a median forecast of 58.1.

This tracks perfectly with public confidence
in the pronouncements of Bill Kristol and David French

From John Sexton, a Financial Times survey of economists finds that a majority expect a recession next year.

Next year?

Okay sure whatever.

The US economy will tip into a recession next year, according to nearly 70 per cent of leading academic economists polled by the Financial Times...

Jay Powell, the Fed chair, has conceded that the central bank's efforts to moderate inflation may cause "some pain", leading to a "softish" landing that sees the unemployment rate rise "a few ticks".

But many of the economists polled are concerned about a more adverse outcome given the severity of the inflation situation and the fact that monetary policy will need to shift towards much tighter settings in short order to address it.

Yeah so we didn't have to wait until next year: At least according to the Atlanta Fed tracker, the economy is predicted to post a 0.0% growth rate in the second quarter, which, combined with the negative growth in the first quarter, means we're gone two quarters of zero or negative growth.

(Corrected: This is a predicted growth rate not a "posted" one as I said originally.)

We're in a recession.

Economists consider the economy to be in recession when there is zero or negative growth for two consecutive quarters or more, and that's what we’ve gotten in the first half of 2022 after a full year of Bidenomics has had its effects.

The economy shrank at an annual rate of 1.5% from January through March. That was revised downward from an original estimate of 1.4% shrinkage, and worse than the expected revision to 1.3%.

Also via Ed Driscoll at Instapundit, consumer spending fell 0.3% in May.

Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.

U.S. retail sales slipped 0.3% last month, down from a revised 0.7% increase in April, the Commerce Department said Wednesday.

Idiots kept saying "Sure inflation is through the roof but the US consumer is keeping the economy afloat!"

And how long did you expect that to go on for, Idiots, when people can barely afford food and gas and rent, and mortgage interest rates are about to shoot through the sky, and people's accumulated wealth in their home values is about to be slashed 15-20%?

Did you think they would keep spending forever, just to keep your senile president (allegedly) in the game?

I keep wanting to blaspheme. It's taking everything to avoid it.

Jiminy Crickets, we have absolutely the worst, stupidest, poorest-educated, most incompetent "Elite" class.

Biden's economic advisor, though, says, "Stop complaining, Rubez -- you've never had it better."

Pivot to Anger!

* My first use of "an historic." I'm glad you could be here for it.

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posted by Ace at 03:11 PM

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