Fri, 10/02/2020 – 10:15
Overall, UMich sentiment surprised to the upside with ‘hope’ the most notable jump…
Buying Conditions for homes unexpectedly dropped (modestly) while cars and appliances picked up…
The poorest cohort of Americans did not see a large rise in sentiment but the middle range jumped dramatically…
Finally, a new question was added on the anticipated impact on the economy from a universal basic income, which surprisingly tilted in the opposite direction: nearly half of all consumers thought higher taxes on the wealthy would have a favorable impact on growth prospects, and nearly half thought a universal basic income would have a negative impact on the economy.
UMich notes that two non-economic issues still represent the primary sources of uncertainty and could cause volatile shifts in confidence: how and when the election is decided, and delays in obtaining and administering the vaccine.
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Author: Tyler Durden