The markets are sinking across the board as traders and investors run for the exits on technology and inflation-related fears. All three of the major stock market averages are suffering steep declines, including a 1% drop in the Nasdaq Composite alongside a nearly 2% decline in the Russell 2000 index comprised of small-cap names.
A recent Gallup survey based on more than 20,000 interviews found Americans' optimism about their future personal lives has fallen to a new low. Gallup released findings this week from their National Health and Well-Being Index, which is based on data collected from thousands throughout the four quarters of the year. More than 22,000 interviews were spread across all 50 states and the District of Columbia.
California consumer confidence has plummeted to levels not seen since the pandemic's economic upheaval. My trusty spreadsheet's review of the Conference Board's Consumer Confidence Index for California found that shopper psyche plunged 16% in November from October. This pushed the measure down to a level last seen in December 2020. Much of the index's polling for this report took place before the 43-day shutdown ended on Nov. 12. This Golden State optimism tally is now 25% below its average since 2007.