Payne's Perspective: September 16, 2019: Music Still Playing
Suddenly, the demise of the U.S. economy has receded among the list of worries facing Americans, although, for some, there was no fear that the music was dying. Interestingly, Main Street is grappling with anxiety over tariffs, with the vast majority having the incorrect assumptions of their impact on the economy. The greatest risks are people acting on the worst-case outcomes promoted by the media.
The good news is the Index of Consumer Sentiment rebounded higher than Wall Street anticipated, even though 38% made spontaneous references to the negative impact of tariffs, which is the highest percentage since March of last year. Those same folks had a more negative view of the economy, inflation, and unemployment.
The concern is mostly in the top one-third income households and folks under 49. These concerns will decline even further as the United States and China take calmer steps.
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