Sharp Drop in California’s Consumer Confidence
The mood among California consumers can be summed up in one word: despair.
Consumer confidence fell 22% in the second quarter of 2020, according to The California Consumer Index released by Claremont McKenna College’s Lowe Institute of Political Economy and Chapman University. In the first quarter, consumer confidence dropped 17%.
The pandemic, the shutdown and ensuing layoffs have convinced Californians that economic prospects are bleak and that individual spending must be curtailed. Self-employed individuals were even more likely to feel this way; consumer confidence among the self-employed dropped a whopping 43%.
Read more from Billie Greer at Fox & Hounds.