Goldman Sachs Blames 'Lower Happiness' for Record-Low Consumer Confidence

โดย Moneywise.com under the title·US·Read original
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Goldman Sachs economist Joseph Briggs told clients that "lower happiness" across the country, not the economy, helps explain why consumer confidence fell to its second-lowest level on record in September. The University of Michigan's preliminary September reading, released September 11, fell 7.5% from August and 13.2% from a year earlier, with only May's 44.8 lower on record. Briggs drew on the University of Chicago's General Social Survey, which found the share of Americans saying they were "very happy" fell from 31% in 2016 to 23% in 2024, while those answering "not too happy" rose from 13% to 20%. He attributed much of the decline to shrinking trust in public institutions, though he said inflation is likely still weighing on confidence, with year-ahead inflation expectations jumping to 4.6% and consumer prices up 3.4% year over year in August. The Federal Reserve raised rates a quarter point on September 16 to a range of 3.75% to 4%, its first hike since 2023, with Fed Chair Kevin Warsh citing inflation that "is too high and has been for too long."

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Goldman Sachs Group Inc
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Goldman economist Briggs is quoted explaining low consumer confidence via 'lower happiness'; no company-specific financial development.

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