But what folks tell pollsters like those who create confidence indexes – and what consumers actually do – aren’t always the same thing.
The last time California consumers were this worried about their financial futures, the statewide median-priced home cost $379,000.
My trusty spreadsheet’s quarterly averages of confidence data found California expectations dropping 5% in the past year. And there’s beenFederal Reserve determined to cool the economy and whip inflation with higher interest rates. For example, my spreadsheet found cash registers at California merchants were ringing more frequently in early 2024.
Other merchants shook off coronavirus challenges. Electronics and appliance stores, weak after lockdowns ended, rebounded at a 4.6% annual rate. Car dealers, which finally had inventory to sell, saw sales up at a 6.3% rate. And another broad category – sports, hobbies, music and books – eked out a tiny 0.8% increase.So sellers of furniture and furnishings saw sales dive 10.4%. Merchants peddling building and garden goods were off 0.5%.
Nationwide, 9.66% of card balances were delinquent last year – up 2.13 percentage points in 12 months.
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