Confidence of US consumers continues to decline as Americans worry about the future
U.S. consumer confidence deteriorated for the third straight month as Americans continue to fret about their short-term financial futures
WASHINGTON — U.S. consumer confidence deteriorated for the third straight month as Americans continue to fret about their short-term financial futures with prices and interest rates still elevated.
The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 97 in April from 103.1 in March.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
The index measuring Americans' short-term expectations for income, business and the job market tumbled to 66.4 from 74 last month. That's the lowest reading since July of 2022. A reading under 80 can signal a potential recession in the near future.
Consumers’ view of current conditions retreated to 142.9 from 146.8 in March.
Responses to the Conference Board’s survey showed that Americans remain concerned about high prices, particularly for food and gas.
Consumer expectations of a recession in the next year inched up in April but are still well below their peak in May of 2023.
Overall confidence declined among consumers of all age groups and all income groups with the exception of those earning annual salaries between $25,000 and $49,999.
The number of respondents who said they planned to buy a home or big-ticket appliance also declined, as did the number of those who said they plan to take a vacation.
The recent downturn in consumer confidence comes as most economic indicators show the U.S. economy in very good shape by historical standards, though there have been some signs that it may be tapering.
The nation’s economy slowed
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