Gloom to Boom: A Holiday Shopping Odyssey

American consumers sure have a funny way of expressing their gloomy mood.

For months, U.S. consumers have been telling pollsters that the economy is precarious, that they can’t afford anything, and that buying conditions are the worst they’ve ever seen. Yet this past weekend, they shattered expectations by opening their wallets, clicking online retail sites, and filling shopping malls.

The University of Michigan consumer sentiment survey for November painted a portrait of unrelenting gloom. Sentiment plunged to its lowest level since June 2022. The Current Conditions index hit a record low. Most dramatically, buying conditions for large durable goods—cars, appliances, furniture—collapsed to an all-time low in the survey’s history.

Bank of Ame

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