Consumer sentiment dives to its lowest point since before President Trump's election on escalating pandemic damage

Leah Millis/Reuters

President Donald Trump listens during a meeting with healthcare executives in the Cabinet Room at the White House in Washington, U.S., April 14, 2020.

• Bloomberg's Consumer Comfort Index tanked 5.4 points to 44.5 in the week ended April 11, the lowest level since before President Trump was elected.
• The reading brings its four-week decline to 18.5 points, the biggest monthly dive in the index's 34-year history.
• Consumers' view of the economy plunged seven points over the week, its second-biggest decline after last week's 10.6 point drop, according to Bloomberg.
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Consumer sentiment slid further through April to its lowest level since President Donald Trump was elected.

Bloomberg's Consumer Comfort Index fell 5.4 points to 44.5 in the week ended April 11, its lowest since October 2016. The reading brings its four-week decline to 18.5 points, reflecting the biggest monthly slide in the index's 34-year history, according to Bloomberg.

Consumers' view of the economy dived seven points in the week, according to an index, its second-biggest plunge after last week's 10.6-point drop.

The indicator is the latest in a slew of warning signs detailing the coronavirus' hit to consumer activity. Retail sales plunged a record 8.7% through March, data released Wednesday showed. Housing starts declined the most since 1984 in the same month as construction companies braced for weakened demand.

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Unemployment data revealed Thursday morning suggested worse consumer moods are ahead. Jobless claims filed in the week ended April 11 reached 5.2 million, pushing the four-week total to 22.03 million. Increased joblessness historically sparks a dangerous cycle of stifled purchasing activity, weaker corporate profits, and additional payroll cuts.

Data from Bloomberg's survey indicates such a shift is already taking place. Consumers' spending sentiment slipped 5.9 points to its lowest level since December 2015. The company's personal finances index sits at its lowest point in more than two years.

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