Americans are fast losing their confidence in the economy, according to the most recent monthly poll conducted by the University of Michigan.
Their current poll erases more than half the gains since last June.
Survey director Joanne Hsu said the “proliferation of negative news about the economy,” including the impending debt crisis standoff, has taken a toll.”
Expectations for the year ahead declined by 23 per cent from April 2022. Long-run expectations fell by 16 per cent, indicating that consumers are worried that any economic downturn will not be brief, said Hsu.
