Consumer Confidence Number Prompts Even More Concerns About Recession – Opinion

As we’ve reported, Joe Biden is trying to spin the negative growth numbers he knows are coming out this week, arguing that they will not indicate a recession, despite the fact that two-quarters of negative growth is the very definition of a recession. Biden’s team claims it is dependent on several other numbers. Even CNN isn’t buying it, with Chris Cillizza mocking Biden’s effort to redefine words and change reality.

Even if you went along with that spin, the other numbers aren’t looking good now either. This means that the spin will prove to be more difficult to sell.

The consumer confidence number just came in, and it’s lower than expected.

A new survey shows that consumer confidence dropped for the third month straight in July because of sky-high price levels, which dampened demand.

The Conference Board’s consumer confidence index, which tracks consumer attitudes and buying intentions, dropped from 98.4 percent last month to 95.7 percent in July, its lowest level since last year.

Lynn Franco, the Conference Board’s senior director of economic indicators, said in a statement that the survey results indicate that recession risks persist.

“As the Fed raises interest rates to rein in inflation, purchasing intentions for cars, homes, and major appliances all pulled back further in July. Looking ahead, inflation and additional rate hikes are likely to continue posing strong headwinds for consumer spending and economic growth over the next six months,” Franco said.

They had anticipated it would be at 97 and it’s even lower than that.

It’s even hitting Walmart, with them saying that they see lower profits because people have to spend their money on necessities like food rather than clothes and other items.

Some are already saying we’re in a recession, including Chief Economist & Global Strategist at Europac.com, Peter Schiff.

The GDP number is coming in on Thursday and given all the furor from the White House on it already, you can bet they believe it’s negative. But whatever it is, the Biden team can’t spin away how much the American people are being crushed by the economy.

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