Confidence in the Economy Dips, but It Could Be Worse

Off the Charts: The Visual Says it All

 People wait in line as city workers hand out take-home Covid-19 test kits in lower Manhattan on December 23, 2021 in New York City.
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Spencer Platt / Getty Images

The rapid spread of the omicron variant of COVID-19 has made a dent in consumers’ confidence in the U.S. economy, though it could certainly be worse.

The Morning Consult’s Index of Consumer Confidence, based on a daily poll of how U.S. adults feel about the economy and their own finances, has fallen 2.6% since Dec. 24, when it began its most recent descent. As the chart below shows, that’s not as steep (at least so far) as the dip that accompanied the onset of the delta variant in July, though confidence is still lower than back then and the longer-term economic effects of the new variant remain to be seen. 

“While U.S. consumers have grown more resilient to COVID surges, they are not yet in the clear, particularly as the global economic recovery suffers due to omicron,” Morning Consult researchers wrote in a report on the poll.

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