Consumer sentiment is in the dumps despite a solid economy. Goldman Sachs blames 'lower happiness'
www.cnbc.com
Goldman economist Joseph Briggs said broader pessimism in society may be contributing to struggling consumer sentiment even as the economy chugs along.

Goldman Sachs identified a potential culprit for sour consumer sentiment readings: A decline in happiness.

The consumer sentiment index tracked by the University of Michigan hit record lows this year. The index fell 13% year over year in September, due to a drop of almost 8% from August alone.

Economists have widely questioned why sentiment has remained depressed since the Covid pandemic, even as the economy hummed along on paper. Goldman economist Joseph Briggs told clients this week that the downward pressure may stem from broader pessimism in society.

“Low reported economic sentiment likely reflects a more fundamental, downbeat assessment of the state of the world rather than the economy,” Briggs wrote to clients.

Its not the escalating COLA? It definitely isn’t the coming disel crunch. It’s just a sour mood?

You know what helps me when I am in a bad mood? Comfort food. Maybe this Goldman guy should advise that the government let the people eat cake. That sort of advice has always had a good outcome.

  • hoppeduponcoffee@lemmy.zip
    23·
    1 day ago

    Good. Withhold on buying new applicances, or any non-essential purchases. Don’t buy cars. Don’t eat out. Buy and prepare foods and refrain from sweets, bagged and boxed goods. When you can walk, use a bike or just stay home if you don’t need to go to work or run essential errands. Don’t take trips abroad or fly. Refrain from all social media use that pushes ad traffic when possible.

    Tips: A lot of ethnic stores, like Indian markets, sell big bags of things like legumes, rice and various flours that are dirt cheap. Hell, eat vegan. Fuck livestock farmers. You’ll do good for the animals and the planet.

    Focus on the things that really matter in life - each other. Make friends spend time with family. Break free from the need for consumeristic, material bullshit. I’m seriously contemplating giving up my mobile device and reverting back to a flip phone. Join clubs, study things, acquire new skills. Enrich your like instead of doping yourself up on technology. If you use technology, use it to learn things, not just a 24/7 stream of shit news. Go to bed on time and get some sleep.

    Even if you can’t directly participate due to being imprisoned by a capitalistic grind (which we could actually break free from at any time, it just takes all of us at once to not comply, eg not working , paying bills, squatting in our living spaces), donate money to action networks like the DSA.

    Let all of this BS collapse in on itself. Deliberately crash the economy. Twist the arm of the capital class. The only way they’ll surrender is if you run the value of their stolen assets into the dirt. It’s either that or violent overthrow.

    Look at this way. We’re all going to be living in a third world anyway, where they’d prefer we die. Do it before they extract any more wealth from us and complete their mission. They’re counting on us to comply.