US assessments of the domestic economy, purchasing climate and their personal finances have deteriorated.
A gauge of U.S. consumer sentiment fell last week to its lowest level in four months, with Americans becoming more pessimistic about the state of the national economy and the resurgence of Covid-19 cases.
The Bloomberg Consumer Comfort Index fell 2.4 points during the week that included Christmas to 44.6, the lowest since the period ended Aug. 23, according to data released Thursday. The sentiment measure is only a third of the way back from its pre-pandemic level.
US assessments of the domestic economy, purchasing climate and their personal finances have deteriorated. The report comes against a backdrop of rising Covid-19 cases and new lockdown restrictions.
Americans’ pessimism about the economy and their financial situation continued as lawmakers dragged their feet on a new round of stimulus. A $ 900 billion pandemic relief bill, passed by Congress on December 21, was not enacted by President Donald Trump until December 27.
At its lowest since early July, the confidence index for the national economy fell 3 points to 34, the third consecutive weekly decline. The gauge has fallen 6.5 points in the past two weeks, the most since April and reflecting Republican pessimism.
The measure of attitudes towards personal finance fell to a four-month low of 58.8 from 61.2. Opinions on the buying climate have also deteriorated over the past week.