Inequality in consumer confidence has nearly tripled since last year
A consumer confidence component of the Morning Consult/Axios Inequality Index simply breaks up daily consumer confidence readings among the three different income groups and details the difference between them.
Why it matters: Unlike other categories, it has steadily increased since May 2020 but is beginning to move downward.
Watch this space: Inequality in consumer confidence is the only index component that is nearly triple its level from May.
- In May 2020, consumer confidence among individuals earning $50,000 or less was 7.1 points lower than for individuals earning more than $100,000.
- In May 2021, the difference between the two groups was 18.2 points.
But, but, but: "I think it's premature to say this recession will result in increased inequality," said Morning Consult chief economist John Leer.
- "That depends a lot on policy decisions that have yet to be made," he added.
Go deeper: For a detailed explanation of the index's methodology click here.