In February, consumer confidence experienced its sharpest decline since August 2021, fueled by persistent inflation and the impending threat of tariffs on imports. The Conference Board reported a notable jump in the expected inflation rate to 6%, double the current levels. This drop in confidence was attributed to rising prices of essential goods, such as eggs, which rose over 15% recently, and a heightened awareness of trade issues. Job market sentiment also deteriorated as the Trump administration announced federal job cuts, with expectations for future job conditions dropping significantly, indicating potential recession risks.
Consumer confidence fell sharply in February due to rising prices and looming tariffs, marking the steepest drop since August 2021, amidst significant inflation concerns.
Inflation expectations rose to 6% for the coming year, double the current rate, driven by persistent inflation and surging prices for essential household items.
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