Americans' Economic Hopes Plummeted To Decade Lows In January As Omicron Overpowered The Us

City workers hand out take-home Covid-19 test kits in lower Manhattan on December 23, 2021 in New York City.Spencer Platt/Getty Images The University of Michigan's sentiment index fell to 67.2 in January, the lowest since November 2011. The Omicron surge and still-elevated inflation fueled most of the drop, the survey's chief economist said. Even the Fed's fight with inflation can weaken sentiment if people misinterpret rate hikes, he added. Americans are the most pessimistic about the economy they've been in a decade — with spirits even lower than in the early pandemic lockdowns in spring 2020.The University of Michigan's Consumer Sentiment Index sank to 67.2 from 70.6 in January, according to data published Friday.

 

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