With mounting concerns and fears about the American economy because of the pandemic, a recent survey showed that three states in the United States, which are believed to be crucial for the re-election of Republican President Donald Trump noted a sharp drop in consumer confidence in October, the month prior to the November elections.
The survey report from Conference Board as published just ahead of the fiercely contested battle for the White House between Trump and Democratic nomineee Joe Biden scheduled to be held on November 3. Biden, the former vice president, is ahead of Trump in national opinion polls.
In October, a reading of 100.3 was recorded for consumer confidence in Florida which was a drop from a reading of 114.4 a month ago in September. Even though there has been a rebound in overall consumer confidence since its plummeting because of the Cvoid-19 pandemic which had ripped through the economy, the consumer confidence levels were close to the near levels noted just prior to the 2016 presidential election.
Compared to a reading of 115.5 in September, consumer confidence tumbled to a reading of 92.0 in October in Pennsylvania. And in Michigan, the October level of consumer confidence was at 119.2 in October compared to a reading of 124.1 in the month before. Decline in consumers' expectations has been the driver for the decline in consumer confidence in the three sing states.
"The numbers can be choppy, but this does not bode well for Donald Trump's chances of re-election and with incomes being squeezed and COVID-19 cases on the rise, neither for the economy," said James Knightley, chief international economist at ING in New York.
There was also a drop in consumer confidence in the US states of Ohio and Illinois and Texas for October while it went up slightly in New York and California.
A drop in more states than a gain in some resulted in America’s overall consumer confidence level; dropping to a reading of 100.9 in October compared to 101.3 in September.
"There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high," said Lynn Franco, senior director of Economic Indicators at The Conference Board.
(Source:ww.channelnewsasia.com)
The survey report from Conference Board as published just ahead of the fiercely contested battle for the White House between Trump and Democratic nomineee Joe Biden scheduled to be held on November 3. Biden, the former vice president, is ahead of Trump in national opinion polls.
In October, a reading of 100.3 was recorded for consumer confidence in Florida which was a drop from a reading of 114.4 a month ago in September. Even though there has been a rebound in overall consumer confidence since its plummeting because of the Cvoid-19 pandemic which had ripped through the economy, the consumer confidence levels were close to the near levels noted just prior to the 2016 presidential election.
Compared to a reading of 115.5 in September, consumer confidence tumbled to a reading of 92.0 in October in Pennsylvania. And in Michigan, the October level of consumer confidence was at 119.2 in October compared to a reading of 124.1 in the month before. Decline in consumers' expectations has been the driver for the decline in consumer confidence in the three sing states.
"The numbers can be choppy, but this does not bode well for Donald Trump's chances of re-election and with incomes being squeezed and COVID-19 cases on the rise, neither for the economy," said James Knightley, chief international economist at ING in New York.
There was also a drop in consumer confidence in the US states of Ohio and Illinois and Texas for October while it went up slightly in New York and California.
A drop in more states than a gain in some resulted in America’s overall consumer confidence level; dropping to a reading of 100.9 in October compared to 101.3 in September.
"There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high," said Lynn Franco, senior director of Economic Indicators at The Conference Board.
(Source:ww.channelnewsasia.com)
