Hawzah News Agency- According to published data, the US consumer confidence index, measured by the University of Michigan, reached 44.8 after the war with Iran, recording its worst historical value. The index had previously risen to 51.7 in August following the understanding with Iran, but declined again in September due to the collapse of that understanding, reaching 48.1. However, the final drop to 44.8 shows that American consumers' pessimism about their country's economy has reached an unprecedented level.
Economists believe that the continuation of the war with Iran, rising gasoline and diesel prices, growing inflation, and uncertainty about the future of jobs and income are the most important factors behind this index's collapse. A decline in consumer confidence usually leads to reduced household spending, weaker demand, and greater pressure on the macroeconomy—something that could turn into a political crisis for the White House on the eve of the midterm elections.
This comes as the US government had promised economic improvement and inflation control, but new data shows that American households remain pessimistic about their country's economic future, and current policies have failed to restore lost confidence.
Source: iuvmpress.co
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