Economic data is reflecting a sharp slowdown as the virus surges.

Evidence of the 
slowing economy was released last week. The most noteworthy were consumer confidence and personal spending. The Conference Board’s survey reported a 4.6% drop in confidence during December. There is a 52% correlation between confidence and personal consumption expenditures. The drop to 88.6 reported is the second consecutive month of large drops. The index was above 100 in October and now stands at its lowest level since August.

 

PROBANK AUSTIN ADVISOR - DECEMBER 28, 2020