Despite the Biden administration’s attempts to convince Americans that the economy is improving, customer confidence has been sliding for the last three decades.
The Conference Board’s indicator of consumer confidence fell to 97 in April, along from 103.1 in March, information released Tuesday showed. This is the lowest checking since July 2022 and the next quarterly decline in a row.
The score dropped because of the collapse, surpassing even the most optimistic forecasts. The reading from the initial checking of 104.7 was changed to lower.
The thermometer of , objectives for the next six months , declined to 66.4, even the lowest since July 2022. The , test of existing conditions , declined to 142.9.
” Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less optimistic about the current labor market position, and more anxious about future firm conditions, work presence, and earnings”, said Dana M. Peterson, Chief Economist at The Conference Board.
Inquiries about prices, particularly for items like food and fuel, were expressed by survey respondents. According to AAA, the average cost for a gallon of regular gasoline has increased by 3.4 percent nationwide over the past fortnight. On Tuesday, it was$ 3.657, up from around three dollars at the start of the year.
” According to April’s create- in responses, raised price levels, particularly for food and gas, dominated consumer’s concerns, with politics and world conflicts as far runners- up”, Peterson said.
Recent government data has shown that inflation is rising this year, reversing the decline seen last year. Federal Reserve officials who had anticipated cutting interest rates three times in 2024 have recently been making predictions that the cuts will likely come later, if at all, due to higher inflation.
