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BlockBeats News, on November 8, KobeissiLetter released a market analysis stating that the U.S. Consumer Confidence Index has fallen to the second lowest level in history, currently below the 2008 low. Inflation expectations are worsening, the U.S. economy is beginning to slow down, and recession risks are rising.

BlockBeats News, November 7 — Due to the U.S. government shutdown dragging down the economic outlook and high prices worsening personal financial expectations, U.S. consumer confidence has fallen to its lowest level in more than three years. Preliminary data from the University of Michigan shows that the consumer confidence index in November dropped from 53.6 last month to 50.3, the lowest since June 2022. The current conditions index plunged 6.3 points to a record low of 52.3, indicating growing public concern about the impact of the government shutdown. The report pointed out that this overall decline in confidence is fairly widespread across different age, income, and political groups. Although spontaneous mentions of "high prices" have increased for the fifth consecutive month, long-term inflation expectations have eased. Consumers expect prices to rise at an average annual rate of 3.6% over the next five to ten years, a three-month low. The statement said: "Consumers are feeling personal financial pressures from multiple sources. They also expect the labor market to continue to weaken in the future and anticipate being affected themselves." Concerns about unemployment surged this month, with 71% of respondents expecting the unemployment rate to rise in the coming year, more than double the proportion from the same period last year. (Golden Ten Data)