With all the hoopla about the RNC convention, many may not have noticed an important economic piece of data came out today. Consumer confidence plunged its most in ten months. Fox Business reports that “the Conference Board, an industry group, said its index of consumer attitudes fell to 60.6 from a downwardly revised 65.4 the month before.
“Economists had expected an increase to 66, according to a Reuters poll…Consumers were more apprehensive about business and employment prospects.”
This is the lowest level since November.
Could it be that the consumer are pessimistic about the economy? And/or pessimistic about their employment? And think inflation is going to hit?
This is more significant, I think, than all the current polls in the nation or swing states.