Consumer Sentiment: 4th Lowest Reading Since 1978

"Consumer Sentiment report had the fourth lowest reading since the index's inception in 1978. There was the biggest decline in buying durable goods. High income and high interest rates are leading consumers to hold off on big purchases. The average credit card rate hit a record high of 19.04%," says Ted Rossman. "Consumer Sentiment is trending in the right direction and travel demand is flattening. Consumers credit may no longer be an options to keep spending high as rates rise. Layoffs and recession news are likely to make consumers cautious going into the holidays," adds Eddie Yoon.