Consumer confidence is lowest since Trump election

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Source:   —  June 19, 2017, at 10:53 AM

Americans still perceive excellent about the Trump economy, but they're cooling to it.

Consumer confidence is lowest since Trump election

Americans still perceive excellent about the Trump economy, but they're cooling to it.

Consumer confidence fell in June to its lowest point since November, according to the Univ of Michigan'south closely followed index and survey.

The survey well-known that a few respondents lost confidence because of ex-FBI Director James Comey'south testimony to Congress latest week.

According to the Univ of MI survey, Democrats are worried about what President Trump is trying to do and Republicans are frustrated that he can't obtain it done.

The confidence index is presently at 94.5. Before the election, it was 87.2. By January, when he was inaugurated, it'd shot up to 98.5, the highest level in more than a decade.

That was largely because of hopes that Trump would slice taxes, spend large on infrastructure and shed government regulations. Those hopes are presently dimming a bit.

Related: The Trump Jobs Tracker

But 94.5 is still high, and the U. S. economy overall is in excellent shape. The economy has added jobs for eighty months in a row, unemployment is lowest since two thousand one, and the Federal Reserve just raised interest rates -- a excellent sign for the economy'south health.

"The bigger picture is confidence is still beautiful high," says Andrew Hunter, an economist at Capital Economics, a research firm.

But the drop in consumer confidence follows other disappointing news this week.

Americans shopped less in May than they did in April. That'south a concern because consumer spending makes up the majority of economic growth. If Americans don't spend, the U. S. doesn't grow much.

Another necessary indicator also declined: Inflation fell a notch in May compared to April. That'south necessary because inflation helps define whether Americans' paychecks are getting bigger.

Related: Fed raises rates for third time since December

U. S. economic growth in the first three months of the year was very sluggish, at a rate of only 1.2%.

Economists had anticipated a comeback in the spring, but presently those expectations are cooling. The NY Fed expects growth between April and June to stay low at 2.3 percent on an annual basis.

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