In the onslaught of grim economic news, the US just hit yet another ugly milestone. The consumer confidence index fell to a 16-month low of 98.7 and the consumer expectation index hit its lowest since 2013 at 66.4.
These numbers measure people’s current and short-term future views of the economy on jobs, income growth and the overall business outlook. The plunge is distressing, but not surprising.
Inflation, per the most recent data, is up a punishing 8.6% overall year on year. The specific picture on food and gas is even worse. Meat, fish and eggs are up 14.2%; baked goods 11.6%; dairy 11.8%. Gas is up a mind-boggling 48.7%. Producer prices are up 10.8% as of the end of May, which means the pain is guaranteed to continue and the personal savings rate to keep shrinking.
Inflation has continued to rise across the United States.AFP via Getty Images
All this hits the typical American family…
