Yesterday's retail sales report was strong and Walmart executives repeatedly described a stable and resilient consumer so I have a hard time putting any weight on this survey, which is more about politics and gasoline prices than consumer spending. Along those lines, the survey noted:
With election developments dominating headlines this month, sentiment
for Democrats climbed 6% in the wake of Harris replacing Biden as the
Democratic nominee for president. For Republicans, sentiment moved in
the opposite direction, falling 5% this month.
The inflation numbers are stable, though still above pre-pandemic norms.