Mar 14, 2022 - Economy

America is sad

Data: University of Michigan, FactSet; Chart: Axios Visuals

Morale among American consumers — sometimes referred to as "people" — deteriorated early this month, as the already dour post-COVID mood was not improved by worsening inflation or the arrival of a major European land war.

Driving the news: That University of Michigan survey showed that overall consumer sentiment dropped for the fifth time in the last six months in March, falling to an almost 11-year low.

Why it matters: "Why does anything matter?" our morose average American might ask.

  • In all seriousness, the sour public mood suggests that inflation worries have totally eclipsed other indicators that show a pretty strong U.S. economy — such as unemployment at just 3.8%.
  • It also bodes particularly ill for elected officials hoping not to be, well, unelected.
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