U.S. consumer confidence falls to the second lowest level in history, below the 2008 recession level

According to ChainCatcher, the latest data from the University of Michigan shows that the U.S. Consumer Sentiment Index fell by 3.3 points to 50.3 in November, marking the second lowest level in history and significantly below the market expectation of 53.0 points. This is the fourth consecutive monthly decline for the index.

The Current Conditions Index dropped by 6.3 points to 52.3, reaching a historic low; the Consumer Expectations Index fell by 1.3 points to 49.0, the third lowest level since July 2022. Notably, the current Consumer Sentiment Index is now lower than during all previous economic recessions, including the 2008 financial crisis.

Analysts pointed out that although official inflation data shows some easing, the prices of essential goods remain high, causing widespread economic pressure among U.S. consumers. Many believe that the United States is, in fact, already in a recession.