"The Conference Board said Tuesday that its consumer confidence index cratered 9.7 points to 84.5 in January, falling below even the lowest readings during the COVID-19 pandemic. A measure of Americans' short-term expectations for their income, business conditions and the job market tumbled 9.5 points to 65.1, well below 80, the marker that can signal a recession ahead. It's the 12th consecutive month that reading has come in under 80. Consumers' assessments of their current economic situation slid by 9.9 points to 113.7."
" "Confidence collapsed in January, as consumer concerns about both the present situation and expectations for the future deepened," said Dana Peterson, the Conference Board's chief economist. "All five components of the index deteriorated, driving the overall index to its lowest level since May 2014 - surpassing its COVID19 pandemic depths." Respondents' references to inflation, including gas and grocery prices, remained elevated. Mentions of tariffs and trade, politics, and the labor market also rose in January as did comments about health insurance and war."
U.S. consumer confidence plunged 9.7 points to 84.5 in January, reaching its lowest level since May 2014. A measure of short-term expectations for income, business conditions and the job market fell 9.5 points to 65.1, well below the 80 threshold that can signal a recession; that reading has remained under 80 for 12 consecutive months. Consumers' assessments of the current economic situation decreased 9.9 points to 113.7. All five components of the Conference Board index deteriorated. Respondents continued to mention inflation, especially gas and grocery prices, and also cited tariffs, trade, politics, labor market concerns, health insurance and war.
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