Source: Economics Group of Wells Fargo Bank, N.A.Summary
The share of consumers saying jobs are “hard to get” rose to a post-pandemic high. That took the labor differential (plentiful minus hard-to-get) to a post-pandemic low. Fold in write-in responses about cost of living and wars, and January consumer confidence fell to its lowest in a decade.No Shortage of Reasons to Fret
It is always worth taking consumer confidence readings in context and remembering that vibes are not always fully reflected in spending. That said, it still bears noting that consumers felt more confident at the height of the pandemic than they do now. The 84.5 reading plumbs a depth even lower than the 85.7 reading in April 2020 (chart).