The index measuring Americans' short-term expectations for income, business, and the job market reached its lowest point since July 2022, with a reading of 66.4, indicating a potential recession signal below 80.
Consumers' worries about high prices for essentials like food and gas were highlighted, contributing to the overall sentiment of financial unease amidst declining confidence.
The decline in consumer confidence was widespread across all age and income groups, except for individuals earning between $25,000 and $49,999 annually, with reduced intentions for major purchases like homes or vacations.
Despite various economic indicators portraying the overall strength of the U.S. economy by historical standards, the recent dip in consumer confidence persists, hinting at underlying concerns amid signs of a potential slowdown.
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