United States consumer confidence has plummeted to a decade-low in November. The University of Michigan’s consumer sentiment index fell to 66.8 in November, down sharply from the October figure of 71.7 and well below consensus forecasts of 72.4.
Three quarters of individuals in a recent poll believe that the nation will likely face an economic recession during the next 12 months, The Hill reported, citing a Hill-HarrisX survey which found that 33% view a recession as "very likely," while 42% think that a recession is "somewhat likely."
President Joe Biden has picked Federal Reserve Chair Jerome Powell to serve a second four-year term at the helm of the central bank, while nominating Lael Brainard, the only Democrat on the Fed’s seven-member board, to serve as second-in-command at the Fed.
Democrats persuade a slim majority to approve the centerpiece of President Biden’s economic agenda, though the bill now faces an evenly divided Senate.
