A new survey released by The Conference Board reveals that the Biden economy has taken a massive hit amid rising inflation, supply chain issues, and relentless waves of COVID-19.
Despite an uptick in consumer confidence during 2020 and 2021, the economic confidence of Americans has plummeted in January of 2022.
The ultra-contagious Omicron variant has wreaked havoc on the workforce, compounding the economic woes pummelling the economy from every corner.
Marketwatch reported on Saturday:
There’s no doubt the fast-spreading omicron coronavirus strain has dented the economy. Millions of people have called in sick, customers are hesitant to congregate indoors, and some businesses have had to scale back operations.
The damage is showing up in the early January data. The number of people who applied for unemployment benefits this month, for instance, rose more sharply than expected. And a survey of businesses in New York state sank into negative territory for the first time in a year and a half.
Sky-high inflation continues to be a major concern for American households as well, noted Lynn Franco, senior director of economic indicators at the Conference Board. Though people are less worried about inflation for the second straight month, overall concern about increasing inflation hit a 13-year high in November of 2021, according to Franco.
“Looking ahead, both confidence and consumer spending may continue to be challenged by rising prices and the ongoing pandemic,” Franco said.