Is the Widespread Financial Pessimism by US Consumers Justified?

Former JPMorgan Chase Global Chief Economist and Current BrightQuery Chief Economist

In a recent in-person presentation I delivered, a person politely asked me why consumers were so depressed if the U.S. economy was growing +4.9% (potential growth is about +1.8%) in Q3 2023, the yearly rise in the Consumer Price Index (CPI) fell from +9.1% in June 2022 to +3.7% in its latest reading.   Even the national unemployment rate is hovering nea…