U.S. consumer sentiment continued to sink rapidly last week, falling to the lowest level since before President Donald Trump was elected as the fallout from the Covid-19 pandemic continued to pound the economy.
The Bloomberg Consumer Comfort Index dropped another 5.4 points after a record 6.4-point slump in the previous week. The gauge has plummeted 18.5 points in the last four weeks, the largest such slide in 34 years of weekly polls. At 44.5, the index is the lowest since October 2016.
The subindex that measures views of the economy slumped 7 points in the period ended April 11, the second-largest decline after a record 10.6-point drop the previous week, to 37.4.
The gauge of the buying climate, which tracks attitudes toward spending, decreased 5.9 points to 37, the lowest since December 2015. With layoffs and business closings continuing, the personal finances subindex stands at a more than two-year low of 59.1 and has shed 12.1 points from its all-time high in late January.
From a partisan standpoint, the comfort index stands at a three-year low among Republicans, while it fell to the lowest since January 2017 for political independents. Democrats showed the least consumer comfort, with the index dropping to its weakest point since September 2012.
This article was provided by Bloomberg News.