Goldman Sachs reports that declining societal happiness is contributing to low consumer sentiment despite economic growth.
According to CNBC Economy, Goldman Sachs suggests that declining societal happiness is a key factor behind persistently low consumer sentiment despite positive economic indicators. Data from the University of Chicago's General Social Survey shows that the share of respondents reporting they are "very happy" dropped from 31% in 2016 to 23% in 2024.
Key facts
- 01The University of Michigan's consumer sentiment index fell 13% year over year in September, including an 8% drop from August.
- 02Goldman economist Joseph Briggs notes that the percentage of respondents reporting they are "not too happy" rose from 13% to 20% between 2016 and 2024.
- 03Briggs found that declining trust in public institutions has contributed a "disproportionate amount" to the recent drop in net happiness.
- 04CNBC Economy reports that Briggs believes consumer sentiment may become a less reliable predictor of economic performance due to these non-economic influences.
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