Consumer confidence plunges to 12-year low

U.S. consumer confidence fell to its lowest level since 2014 in January, dropping 9.7 points to 84.5, below pandemic-era lows.

Concerns about the labor market and the overall economic outlook drove the decline, with all five components of the index deteriorating.

The present situation index, reflecting current business and employment conditions, fell to 113.7, while the expectations index, which gauges short-term outlook for income and economic conditions, dropped to 65.1—well below the 80 threshold often associated with recession risks.

The decline was broad-based across political affiliations, age groups, and income levels, with the sharpest drop among Independents and lowest optimism among those earning under $15,000, Fox Business has reported.

While consumers’ views of their current financial situation improved slightly, expectations for future household finances worsened, and more respondents believed a recession is “very likely” or already occurring.

read more: https://www.foxbusiness.com/economy/consumer-confidence-plunges-lowest-level-more-than-decade

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