California consumers are facing an unprecedented level of depression in confidence. With declines in expectations and present situation scores, the feelings have plummeted since before the pandemic.
The last time California's consumer confidence index was this low, we were in May 2020 during severe lockdowns. With a staggering 26% drop compared to pre-pandemic averages, the drops indicate significant consumer disquiet.
Widespread layoffs and rising unemployment overshadow slight positives like hiring and stock prices. Meanwhile, the national consumer confidence dips appear far less severe than California's alarming trend.
California's current conditions index reveals a shocking 32% decline from 2015-2019 averages, emphasizing the unique economic distress facing the state compared to the nation.
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