Consumer confidence in the US fell to its lowest level in nine months this month, according to a US survey. Consumers mainly fear a recession in the near future.
US consumer confidence fell to 101.3 in April, the lowest level since July last year, according to market research expert Conference Board. This is lower than what market experts had counted on.
Americans over the age of 55 and households with annual incomes over $50,000 are especially grim. Consumers also expect market conditions for businesses to worsen over the next six months. Employment supply is also expected to decline.
Pessimism
Economists think the pessimism is easing pressure on the US central bank to raise interest rates further next week. This is the tenth consecutive increase in interest rates to bring inflation under control.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
