U.S. citizens, worried about the state of the economy, are now planning to spend less on buying holiday gifts and cut down on shopping this holiday season.
According to a survey by the University of Michigan, consumer sentiment declined 15.7 percent year-on-year to 56.8 in November. On a monthly basis, it fell by 5.2 percent. “Along with the ongoing impact of inflation, consumer attitudes have also been weighed down by rising borrowing costs, declining asset values, and weakening labor market expectations,” said Surveys of Consumers Director Joanne Hsu.
In a recent poll by The Economist/YouGov, 69 percent of respondents said that the current state of the American economy was “fair/poor,” 42 percent believed the economy is shrinking, and 56 percent think the United States is already in an economic recession….