Inflation is clearly taking its toll on most Americans. As we move into the holiday season and the new year, let’s pray.

From CBS News. American consumers are entering the holiday season feeling gloomier about the economy amid ongoing high inflation and layoffs in the tech sector, depressing U.S. consumer confidence for the second straight month in November.

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The Conference Board reported Tuesday that its consumer confidence index fell to 100.2 this month, down from 102.2 in October. November’s figure is the lowest since July, and likely reflected an uptick in gas prices earlier this fall, said Lynn Franco, senior director of economic indicators at the Conference Board.

Gas prices have since reversed and fell to $3.52 a gallon, on average, nationwide on Tuesday, according to AAA. That’s down from $3.76 a month ago.

The data indicates Americans are taking a more gloomy view about the economy. Before the pandemic, the index regularly topped 120. With the cost of food, rent, clothing, and other essentials surging, inflation is near the worst in four decades, increasing 7.7% in October from a year earlier. …

“A tale of two incomes”

Despite the negative outlook, however, most Americans — particularly those with higher incomes — are still spending, fueling a generally healthy start to the winter holiday shopping season last weekend.

The latest readings show a “tale of two incomes,” according to Jeffrey Roach, Chief Economist for LPL Financial, in an email.

“Inflation acutely impacts lower income households while upper income households feel less of the pain. Consumer confidence rose in November for those making $50,000 or more,” he noted. …

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(Excerpt from CBS News. Photo Credit: Canva)