US Consumer Comfort Suffers Biggest 2-Week Crash… Ever

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.

Source: Bloomberg

This is the biggest two-week drop in comsumer comfort… ever…

Source: Bloomberg

“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!