According to the report on October 15 local time on the website of the financial times, the shortage of supply chain and the continuous decline of confidence in the government’s economic policies may curb the speed of consumer spending, which may continue until 2022. Here, a widely watched indicator of consumer confidence continued to hover at the lowest level in many years.
The overall index released by the University of Michigan remained above 80 in late spring and early summer, and fell to 70.3 in August. Covid-19 is the figure that was released after a few weeks of closed management in April last year to cope with the new crown epidemic. It is also the lowest since December 2011.
The last time the confidence index hovered at a level just above 70 for three consecutive months was at the end of 2011, the report said. In the three years before the outbreak, the overall index is usually in the range of 90 to 100.
Richard Curtin, chief economist of consumer survey at University of Michigan, said that the new crown virus delta strain, a shortage of supply chains and a decline in the labor force participation rate “will continue to curb the pace of consumer spending”, which will continue until next year. He also said that another factor leading to the “serious decline in optimism” is the sharp decline in people’s confidence in the government’s economic policies over the past six months
Post time: Oct-18-2021