CNBC is the Biden defense team for media broadcasts of anything related to the economy. As a result, you know things are bad when CNBC broadcasts that Joe Biden’s economy has the highest level of dissatisfaction in the history of their surveys.
Steve Liesman was given the task again to share the horrible results. WATCH:
The latest measure of consumer confidence [Data Here] reflects a continued trend, and the index drops well below expectations. The Consumer Confidence Survey is a monthly report detailing “consumer attitude, buying intentions, vacation plans and consumer expectation for inflation, stock prices and interest rates.”
The index now stands at 113, a drop from last month when it was 125. The decline in confidence is an outcome of workers and consumers feeling the impact of massive inflation from Joe Biden economic and monetary policies. With gas and food prices climbing rapidly, it should not be a shock to see consumer confidence begin dropping; however, the financial analysts were caught off guard by the unexpected size of the drop.
According to Marketwatch, “Economists polled by The Wall Street Journal had forecast a reading of 123.1”, a drop to 113 is a much more severe change in consumer confidence than expected. The economists who get this stuff wrong repeatedly are inside the echo-chamber of Wall Street and the financial class. There is a disconnect between those analysts and the real economy on Main Street; that’s why they are always surprised.