TechFlow, Nov. 7 — According to Jinshi Data, U.S. consumer confidence has dropped to its lowest level in over three years due to a government shutdown dragging down economic prospects and persistently high prices worsening personal financial outlooks. Preliminary data from the University of Michigan shows the November consumer sentiment index fell to 50.3 from 53.6 the previous month, the lowest since June 2022. The current conditions index plunged 6.3 points to a record low of 52.3, reflecting rising public concern over the impact of the government shutdown. The report noted this overall decline in confidence was widespread across age groups, income levels, and political affiliations. Although spontaneous mentions of "high prices" have increased for the fifth consecutive month, long-term inflation expectations eased slightly. Consumers expect prices to rise at an average annual rate of 3.6% over the next five to ten years, the lowest in three months. However, their one-year inflation outlook edged higher. Joanne Hsu, survey director, stated in a release: "Consumers are feeling mounting financial pressure from multiple directions. They also anticipate continued weakening in the labor market and expect to be personally affected." Concerns about unemployment surged this month, with 71% of respondents expecting the jobless rate to rise over the next year—more than double the proportion seen a year ago.
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