Consumer comfort has taken a hit lately — at all economic strata:
– The Bloomberg Consumer Comfort Index for Americans earning at least $100,000 per year was 2.9 in the week ended Feb. 2, the lowest among that group since last March.
The sub-index, which can range from 100 to minus 100, fell from 13.1 the previous week for the top income-earners.
“The biggest setback in stock prices since June has shaken investors, sending sentiment for top-income earners to the lowest level in almost a year,” Katherine Peralta reported for Bloomberg News. “Wage gains that have shown no sign of strengthening provide no solace to those at the other end of the pay scale, raising the risk that spending will pull back following its strongest quarterly performance since 2010.”
– The index for those earning less than $15,000 was minus 77.2, “its weakest in nearly a year and a half,” Langer Research Associates, which produces the index, said in a written analysis.
– For all Americans, the index fell to minus 33.1, the lowest level in more than two months, from minus 31.8 the previous week. The Bloomberg Consumer Comfort Index asks Americans to rate the national economy, their personal finances and the buying climate.