Courtesy of ZeroHedge
Having reached near-record high levels of consumer comfort in late-January, Bloomberg's Consumer Comfort Index has plunged to its lowest since June 2018.
This is the biggest two-week drop in consumer comfort… ever…
“These unprecedented declines in consumer sentiment mark the vast economic fallout of the coronavirus crisis,” Gary Langer, head of Langer Research Associates, which produces the index, said in a statement.
“Unemployment claims have skyrocketed, commerce has plummeted in the face of business closures and stay-at-home orders, and the markets are in turmoil.”
Views of the economy also saw largest-ever two-week plunge, while attitudes toward the buying climate and personal finances deteriorated further amid volatility across financial markets. The 12.1-point drop in comfort about the economy dwarfed a previous record decline of 8 points in February 2008 during the last recession.
Notably, while, sentiment deteriorated in almost every category, two groups showed slight improvement: Comfort ratings for those without high school degrees and part-time workers both rose.
Ah, the benefits of free money!