President Biden’s claim that consumer studies show consumer confidence is soaring is false, with experts calling out multiple false claims the President made in his State of the Union address.
“Consumer studies show consumer confidence is soaring,” he said.
While the two major gauges of consumer confidence have climbed from depressed lows last year, they declined in February and one measure is at a level that often signals a looming recession.
Specifically, the Conference Board’s Consumer Confidence Index fell in February to 106.7 from 110.9 in January, with both its present situation and expectations gauges declining, with expectations now below the threshold that indicates recession.
The University of Michigan’s Consumer Sentiment Index also declined in February and remains below its long-term average as well as levels seen under President Trump.
So while confidence is up from pandemic lows, data does not show it is currently soaring as Biden stated.
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