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

The latest data from the University of Michigan shows that the U.S. consumer confidence 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. This is the fourth consecutive month of decline for the index.

The current conditions index dropped by 6.3 points to 52.3, reaching an all-time low; the consumer expectations index fell by 1.3 points to 49.0, which is the third lowest since July 2022. Notably, the current consumer confidence index is now below all previous recession periods, including the 2008 financial crisis.

Analysts point out that although official inflation data shows some easing, the prices of essential goods remain high, causing American consumers to generally feel economic pressure, with many believing that the U.S. is actually in a recession.