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. Inflation is hurting consumers and the impact on daily purchases is more severe than what the Federal Reserve and consensus estimates may want to believe. The Misery Index, which adds inflation and unemployment, is at 10.80 percent, the highest reading in a decade if we exclude the peak of covid-19 lockdowns, when the Misery Index reached 15.13 percent. These are Carter-era levels for the Misery Index and stagflation alert signs.