Consumer confidence just took a major hit, plummeting to 51.0 in August—the lowest since before the Iran conflict and down sharply from July’s 55.2. Both short-term and long-term economic outlooks are tanking, with Republicans, older adults, lower-income households, and non-college grads feeling the brunt. Inflation expectations are climbing to 4.3% next year, and fewer people believe their pay will keep up. With gas prices still over $4 a gallon, it’s clear: consumer sentiment is heading south.
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