Goldman Sachs Attributes Decline in Consumer Confidence to Lower Happiness Rather Than Economic Factors
Consumer confidence fell to its second-lowest level on record in September, according to the University of Michigan's index. Goldman Sachs economist Joseph Briggs suggests that this decline is not solely due to economic conditions but reflects a broader sense of unhappiness among Americans regarding global affairs and trust in institutions. The preliminary reading dropped 7.5% from August and 13.2% year-over-year, with only May’s record low being lower. Briggs cited data from the University of Chicago's General Social Survey showing that the percentage of Americans who are
Topics: consumer confidence economic sentiment Goldman Sachs analysis