Home Economy American consumers haven’t felt this bad about the economy in a decade

American consumers haven’t felt this bad about the economy in a decade

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The consumer sentiment index fell to a decade low in early November data collected by the University of Michigan. The culprit: pandemic-era inflation woes and worry that no policies are in place to rein it in. Consumers had also expected the supply chain crisis and labor shortage crunch to be resolved by now.

With the holidays coming our way, Americans are bracing for higher prices as well as longer wait times for their orders. So far, rising wages, a steady labor market recovery and shored-up savings have kept people spending and the US economy going.

But the negative sentiment about the challenges to the economy outweighed many of the positive factors, including the surging job growth and growing paychecks.

“Sentiment has been shaken in recent months amid the more recent outbreak of Covid and dwindling stimulus, but the November fallout has inflation’s name written all over it,” said economists at Wells Fargo in a note.

One in four people surveyed said…

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